SBI’s repo rate-linked home loan decoded

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SBI’s repo rate-linked home loan decoded. june 10, 2019 – 7:43 PM Hindustan Times. When there is a cut in the repo rate, the banks get money at a cheaper rate. This should mean that banks will pass on the benefit of cheaper money to the home loan consumers.

Now, since benchmark rates have been cut, it gives a very strong signal across the board that easing of rates has begun, so people will take a call on their respective benchmark rates, base rates and.

State Bank of India (SBI), the country’s largest lender, has launched repo rate-linked home loan product effective July 1. So far, all new floating rate home loans were linked to marginal cost of fund.

The bank will continue to offer home-loan products linked to the marginal cost of lending rate (MCLR), but customers can opt for a repo linked home loan rate, said PK Gupta, managing director in charge of retail banking at SBI. "This is a different product. It is linked to repo and at a larger tenure than the normal home loan.

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Customers coming to us for a home loan will be offered both options, MCLR- linked home loan as well as repo rate-linked home loan, to choose.

In December 2018, the RBI had proposed that floating interest rates on personal, home, auto and micro and small enterprises (mses) loans should be linked to external benchmarks like repo rate or.

From 1 July 2019, home loans are cheaper at the State Bank of India (SBI). When the Reserve Bank of India (RBI) reduced the repo rate from 6.00% to 5.75%, SBI, in June 2019, announced to link its new home loan product with the policy repo rate, which has from July 2019 come into effect.

Nothing else explains the latest rate tweak by the leading lender, which has kept home loan spreads unchanged for existing borrowers but has increased the same for new customers. Earlier, immediately following the RBI’s repo rate cut of 0.5% on Sep 29th, SBI had pared its base rate by 0.4% to 9.3%.

SBI’s repo rate-linked home loan decoded state bank of IndiaSBI, the country’s largest lender, has launched repo rate-linked home loan product effective July 1. So far, all new floating rate.