Wednesday 21 Aug, 2019

SBI reduced interest rates on home loans up to Rs 30 lakh

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New Delhi: The country's largest lender, SBI reduced the interest rate on home loans up to Rs 30 lakh.

5 base point interest rates have reduced. The rate will be effective from Friday. Last week, RBI had reduced its repo rate by 25 basis points.

For the first time, the RBI reduced the repo rate by 25 basis points yesterday, after August 2017. Accordingly, commercial banks have been demanding a reduction in interest rates.

The banks should first deduct the marginal cost of deposit based on the lending rate (MCLR).

RBI governor Shaktikanta Das and other banks are also expected to meet the issue of cutting interest rates.

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