After a long wait, banks have finally started cutting their lending rates. While the nation’s largest bank SBI has slashed its MCLR (marginal cost of lending rate) by 90 basis points across all-tenure loans, bringing down the effective home loan rate to 8.60% from 9.10% per annum, earlier, PNB has cut its MCLR by 70 basis points. This move by PSU banks has been followed by some private banks also, like HDFC Bank and ICICI Bank, while many others are waiting for their turn to reduce rates.
Here’re the latest home loan rates and the respective EMIs:
If you are planning to take a home loan in the near future, you should make a comparative study of the latest rates as it will help you reduce your EMIs substantially.