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SBI cuts interest rate by 5 bps on home loans up to Rs 30 lakh

A day after the RBI cut its repo rate by 25 basis points to 6.25%, the country’s largest lender SBI on Friday announced a cut in interest rates by 5 basis points on its home loans up to Rs 30 lakh. The new rates are effective from Friday. SBI chairman Rajnish Kumar said the bank has the highest share of the home loans market. For effecting the rate cut, the bank will either have to decrease its one-year marginal cost of lending rate (MCLR) or can opt a cut in its spreads over MCLR for the product, he said. 

Read More at The Financial Express News date : 9 Feb 2019, Saturday

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