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Nothing else explains the latest rate tweak by the leading lender, which has kept home loan spreads unchanged for existing borrowers but has increased the same for new customers. Earlier, immediately following the RBI’s repo rate cut of 0.5% on Sep 29th, SBI had pared its base rate by 0.4% to 9.3%.
· SBI’s existing home loan borrowers may soon get option to switch to repo-linked rates Description: SBI’s repo-linked lending rate (RLLR) is 2.25% more than the repo rate, which is 5.4% right now after the central bank cut repo rates by 1.1% in four successive cuts
The bank’s decision to introduce repo rate-linked home loan products came just after SBI linked its short-term loans and large savings deposits to the repo rate. If a customer signs up for home loan products that are linked to repo rate, the rates with change by any repo rate changes announced by Reserve Bank of India (RBI).
Mumbai: State Bank of India (SBI), the country’s largest lender, has launched repo rate-linked home loan product effective 1 July. So far, all new floating rate home loans were linked to marginal cost of fund based lending rate (MCLR) since August 2016. From 1 July, you will have the option to choose between MCLR linked home loan rate [.]
From July 1, you will have the option to choose between MCLR-linked home loan rate and repo rate-linked home loan rate.(HTFile) State Bank of India (SBI), the country’s largest lender, has launched.
Home loan shoppers will have a new product to opt for come July 1. The State Bank of India will introduce a product where the interest rate is linked to the repo rate of the Reserve Bank of India.
The bank will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 100,000. At present, the interest rate is 3.5 per cent. | SBI’s new interest rate for savings A/C.
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SBI or State Bank of India hashome loans. SBI, the country’s largest bank by assets, said in a statement last Friday that it would offer home loans linked to the repo.
New Delhi: India’s largest lender, State Bank of India (SBI), is likely to offer new home loan borrowers the option of repo rate-linked loans from July 1. The new product will reportedly have a.