State Bank of India cuts home loan rates twice this month, MCLR reduced by 5 bps; EMIs set to fall

After the April Monetary Policy the MCLR was reduced by 5 bps. This is the second rate cut this month

FP Staff May 10, 2019 15:27:26 IST
State Bank of India cuts home loan rates twice this month, MCLR reduced by 5 bps; EMIs set to fall

State Bank of India (SBI), the country's largest lender reduced its MCLR by 5 bps across all tenors with 1 Year MCLR coming down from 8.50 percent per annum to 8.45 percent per annum. As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 May 2019.

This is the second rate cut in one month. After the April Monetary Policy the MCLR was reduced by 5 bps.

State Bank of India cuts home loan rates twice this month MCLR reduced by 5 bps EMIs set to fall

Representational image. Reuters

With today’s MCLR cut, the reduction in the Home Loan Rates since 10 April, 2019 till date is 15 bps.

With SBI having linked its CC/OD rates above Rs 1 lakh to the repo rate for better transmission of RBI’s policy rates, the benefit of reduction in repo rate by 25 bps by RBI with effect from 4 April, 2019 will get passed on in its entirety to such CC/OD customers banking with SBI with effect from 1 May 2019, a statement from SBI said.

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