As per a press release issued by the State Bank of India, the home loan interest rates for loan amounts below Rs.30 lakh has been decreased by 10 basis points. Thus, the interest rate range which was previously from 8.7 per cent to 9 per cent will now be from 8.6 per cent to 8.9 per cent.
The revision of interest rates has been made after the Reserve Bank of India decreased the repo rate by 25 basis points for the second consecutive time under Governor Shaktikanta Das. The decision was taken on a 4:2 vote by the RBI in order to support economic growth and curb inflation. The revised repo rate is 6 per cent.
SBI has also decreased the marginal cost of fund-based lending rate (MCLR) by 5 basis points across all tenors. With effect from April 10, the MCLR for the one-year tenor will be 8.50 per cent, previously 8.55 per cent.
The country’s largest lender has also revised the interests for savings accounts. For account balance below Rs.1 lakh, the interest rate will be 3.5 per cent per annum and for account balance above Rs.1 lakh, the interest rate will be above 3.25 per cent. The new rates will come into effect from May 1.
The Indian Overseas Bank as well as Bank of Maharashtra slashed their MCLR. The new rates will come into effect from April 10 for Indian Overseas Bank and from April 7 for Bank of Maharashtra.
Source: NDTV Profit