SBI to launch cheaper repo-rate linked home loans from July 1; Cuts interest rates for some customers

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3) If you have good credit worthiness, you can get 0.15% less interest rate (8.55% minus 8.4%) on such home loans if you opt for Repo Rate Linked Home Loans from SBI. 4) Though it looks small %age of variance in interest rate, in reality you can save several lakhs of rupees on your EMI.

Currently, SBI offers home loans up to Rs 75 lakh to customers at 8.55%. The new loan product now being offered will have a base spread of 2.25% above the 5.75% repo rate, meaning 8%. The bank will also charge a 40 basis point spread over the rate, Gupta said. One basis point is 0.01 percentage point.

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SBI Reduces key lending rates, Home Loans To Get Cheaper The MCLR, will now stand at 8.40 per cent for the one-year tenor, down from 8.45 per cent, with effect from July 10, said SBI

What should you choose MCLR or repo-rate linked home loans? Repo rate linked home loan in the present context comes to be cheaper at 8.4-8.55% while MCLR based home loan is priced between 8.7-9.25%.

Home loans to be cheaper as SBI slashes base rate by 0.15% to 9.70 per cent The nation’s largest lender State Bank of India on Tuesday reduced its base rate by 15 basis points after the rbi cut repo rate by 25 basis points.

Loans may become cheaper as RBI cuts repo rate for third time in a row.. The country’s leading state-run lender SBI on Friday announced the launch of repo-rate linked home loans from July 1. SBI To Launch Repo Rate-Linked Home. Last month.. sbi home loan interest rates were so far.

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Home Business Loans to get cheaper as SBI cuts rates by 5. link its short-term loans and large savings deposits rates to the repo rate from May 1.. last week will get passed on in its entirety to such cash credit/overdraft customers from May 1 following this rate cut," the bank.