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The State Bank of India has reduced its lending rate to 9.45 percent for home loans and further to 9.4 percent for women customers subsequent to the implementation of a new interest rate calculation regime mandated by RBI.
The Reserve Bank of India (RBI) has announced policy rate cut on April 5 and if the banks decide to pass on this latest 0.25 percent rate cut then the rates for borrowers may go down further.
SBI has said in a statement that it has fixed its home loan interest rate at 9.45 percent that is 0.25 percentage point more than its one year marginal cost of fund based lending rate of 9.20 percent.
It however said that the women borrower would be getting the loan 0.20 percent above the MCLR at 9.40 percent.
The new rate will be applied from April 1.
