Good news for loan borrowers! Bank of Maharashtra cuts lending rates by 0.10 per cent to 8.60 per cent

MUMBAI: Taking a cue from its larger rivals, private sector lender axis bank today announced a rate cut of up to 0.30 per cent for home loan borrowers. Under the new rates, which are effective.

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Good news for home loan borrowers as ICICI Bank has cut its home loan rates by 30 bps for up to Rs 30 lakh for new borrowers.

State Bank of India (SBI), the country’s largest lender by assets, has reduced its interest rate by 10 basis points or 0.10 per cent on home loans of up to Rs. 30 lakh, a move which is likely to provide some respite to home loan borrowers. The rev.

With this, the revised one-year MCLR stands at 8.5% down from 8.55 per cent earlier. The move follows the Reserve Bank Of India (RBI) nudging banks to slash the lending rates to help retail borrowers.

The State Bank of India announced their decision to cut home rates from 9.10 per cent to 8.6 per cent. SBI on Sunday announced its decision to reduce one-year marginal cost of lending rate (MCLR) to 8% from 8.9%. Since, MCLR is the benchmark against which home loans are linked, the rates will see a huge downfall.

State Bank of India (SBI), the country’s largest lender by assets, has reduced its interest rate by 10 basis points or 0.10 per cent on home loans of up to Rs. 30 lakh, a move which is likely to provide some respite to home loan borrowers.

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Among others, the overnight and 1-month MCLR have been cut by 0.10 per cent each to 7.90 per cent and 8 per cent, respectively. While loan of 3-month tenor will bear interest rate of 8.10 per cent.

A day after the RBI cut the key repo rate, public sector Bank of Maharashtra Friday announced to cut the benchmark one-year MCLR by 0.10 per cent to 8.60 per cent.

 · The Reserve Bank has cut interest rates for the first time since August 2016, citing rising unemployment and a slowing domestic economy. The cash rate is at a new record-low of 1.25 per cent.

Continue reading "home loans turn cheaper, banks cut rates" India;. including Allahabad Bank and Bank of Maharashtra also cut their rates for housing and other loans.. 0.85 per cent to 8.60.