SBI has cut base rate to 8.95% from 9% for home loan borrowers. It will become effective from October 1.
SBI has cut base rate to 8.95% from 9%. This will be effective from October 1.
Andhra Bank and Bank of Baroda on Thursday reduced their base rate to 9.55% from 9.70% and 9.15% from 9.50% respectively. This will come in force starting October.
Those existing home loan borrowers, who had availed home loans before April 1, 2016 will be benefited as their home loans are linked to the erstwhile base rates of the banks. Many borrowers have no moved from base rate to MCLR.
It’s suggested that borrowers should switch to MCLR to keep on getting benefits of moving rates.