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Home loan to become cheapest in 6 years as SBI, Take a Look on it!

Home loan to become cheapest in 6 years as SBI, Take a Look on it!

Home loan rates have decreased to their lowest level in 6 years with the SBI, the country’s largest lender, cutting the effective rate to 8.6 percent from 9.10 percent. While the State Bank of India cut its 1-year marginal cost of lending rate (MCLR) — the benchmark to which home loans are linked — to 8 percent, against 8.9 percent earlier, it kept the spread above MCLR at 60 basis points, against 20 basis points earlier. So, home loans upwards to Rs 75 lakh, earlier available at 9.1 percent, can now be taken at 8.6 percent. For others, the rate would be 8.65%, against 9.15% earlier. Besides SBI, the Union Bank of India and the Punjab National Bank also cut...
Auto, Home loans set to be cheaper as RBI new GOV cuts interest rates

Auto, Home loans set to be cheaper as RBI new GOV cuts interest rates

Mumbai: Under RBI Governor Urjit Patel in the first monetary policy review, the interest rate was on Tuesday cut by 0.25 % to six-year lower of 6.25 % in a unanimous decision by the new rate-setting panel MPC. The cut, first in six months, came over big demand for easing rates especially after the departure of former Governor Raghuram Rajan, who was often accused of preventing growth by keeping rates too higher. The 6-member Monetary Policy Committee, headed by Patel, shorten repo rate or the short term rate at which central bank lends to banks, to 6.25 %. Consequently, the reverse repo rate has also come downward by a similar percentage point to 5.75 %. The progress will lead to reduction of lending rate by banks leading to low EMI for housing, car loan & corporate borrowers. The MPC decision is consistent with an accommodative opinion of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 % by Q4 of 2016-17 and the medium-term target of 4 % within a band of +/- 2 percent, while supporting growth, RBI said in the fourth bi-monthly monetary policy audit. All the six members voted in favour of the rate cut...
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