SBI announces linking of new floating rate housing loan scheme to repo rate; to be effective from 1 October
SBI withdrew the earlier scheme a few days ago in order to launch a revamped scheme effective from 1 October
-
The RBI has made it mandatory for banks to link all floating personal or retail loans to external benchmark
-
SBI withdrew the earlier scheme a few days ago in order to launch a revamped scheme effective from 1 October
-
The RBI has lowered the repo rate by 110 basis points so far this year.
State Bank of India (SBI) has announced a few modifications to its floating rate home loans effective from 1 October 2019 to comply with the latest regulatory guidelines.
The RBI has made it mandatory for banks to link all floating personal or retail loans to external benchmark.
SBI, the first in India to launch a repo rate-linked home loan scheme in July, withdrew the earlier scheme a few days ago in order to launch a revamped scheme effective from 1 October.
Related Articles
"We have decided to adopt repo rate as the external benchmark for all floating rate loans for MSME, housing and retail loans effective 1 October 2019", SBI said in a release.
SBI has decided to adopt repo rate as the external benchmark for all floating rate loans for MSME, housing and retail loans effective 1 October 2019 as per RBI’s notification.
A SBI press release said the bank voluntarily extends the external benchmark based lending to Medium Enterprises also, to boost lending to the MSME sector as a whole.
The RBI has lowered the repo rate by 110 basis points so far this year.
For all the details on SBI's external benchmark-linked home loan, click here
also read
SBI sends bill to customer despite expiry of credit card; details inside
M J Anthony claimed to have requested the SBI Cards & Payments Services Pvt. Ltd. to cancel his card in April 2016, well before its expiry, and not to renew it
RBI maintains repo rate: What does this mean for your EMIs?
The monetary policy committee of the Reserve Bank of India voted unanimously to keep the repo rate unchanged at 6.50 per cent. Experts say this means those with existing home loans should see no change in EMIs. However, the question of whether a borrower should choose a floating or fixed rate going
RBI Monetary Policy: MPC decides to keep repo rate unchanged at 6.5%
RBI Monetary Policy: Standing Deposit Facility Rate remains at 6.25%; while Marginal Standing Facility Rate and Bank Rate also unchanged at 6.75%