Two leading financial organizations ICICI and SBI come up with lucrative discounts on home loan rates where the interest gets reduced to 0.10% to 9.4%. The new interest rate calculation has been done according to RBI guidelines and thus you can trust on them while getting your home loan with minimum interest rate. Depending on Marginal Cost of Funds based Lending Rate (MCLR) system, other banks too would come up with reduced interest rate and this would come into effect from 1st April 2016. Alongside, the banks may take the decision to follow the recent 0.25% policy that would make the rate go down further. This policy would become active from 5th April 2016 from when users can get the benefits in real time getting easy home loans without much investment.
So, it’s the high time to grab the opportunity for the borrowers and you can begin a new episode with a sweet home making your dreams come true. Thursday SBI stated that the bank has decided to keep the interest rate as 9.45% that stands 0.25% more than it’s marginal cost as calculated for one year based on the lending rate, which amounts to 9.20%. In this respect, another important feature is that women would get a privilege and they can get a loan with 0.20% point higher than the MCLR system of 9.40% as mentioned above. This new process would come into effect from 1st April 2016 and users can apply for the opportunities from the respective SBI branches.
According to sources, previous interest rates for home loans were 9.55% for general people and 9.5% for women. Hence, this news brings in a big smile on the faces of users who are planning to opt for SBI home loan. On the other hand, as per ICICI Bank’s website the interest rate would rise up to 9.65% for those who would opt for loans above Rs. 5 crore. This is valid for women borrowers and is applicable under floating interest rate. Below this margin, you can opt for amount up to Rs. 25 lakh and you would get an interest rate of 9.40%.
RBI even asked the banks to come up with fixed rate home loans that would remain active for 3 years and the lending rate would be computed as per the MCLR system for one year. Therefore, the entire process would be done in a disciplined way providing maximum benefits to the borrowers.
In this respect, SBI revealed that the reduction of interest rate is possible, as they are calculating the percentage according to MCLR system as proposed by RBI India.