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State Bank of India has reduced its Base Rate – an older lending benchmark – by 30 basis points to 8.65%. The bank has however not made any changes in its current benchmark – the marginal cost of lending rate (MCLR).
The reduction in the Base Rate will benefit those borrowers who had raised floating rate loans, including home loans, before April 2016. While a large number of home loan borrowers had refinanced their mortgages to take advantage of the lower rates offered under the MCLR regime, there are still close to 80 lakh borrowers whose loans are linked to the Base Rate.
State Bank of India has reduced its Base Rate – an older lending benchmark – by 30 basis points to 8.65%. The bank has however not made any changes in its current benchmark – the marginal cost of lending rate (MCLR).
The reduction in the Base Rate will benefit those borrowers who had raised floating rate loans, including home loans, before April 2016. While a large number of home loan borrowers had refinanced their mortgages to take advantage of the lower rates offered under the MCLR regime, there are still close to 80 lakh borrowers whose loans are linked to the Base Rate.
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