Home Loans from SBI, ICICI will now be cheaper

SBI and ICICI have cut the interest rates on their home loans by 0.10%, with additional benefits for women borrowers. Read on, to know what the current rates are.

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SBI and ICICI have cut the interest rates on their home loans by 0.10%, with additional benefits for women borrowers. Read on, to know what the current rates are.

Leading banks SBI and ICICI, on April 7, 2016, cut their home loan rates by 0.1%, to 9.4%, following the implementation of a new interest rate calculation regime mandated by the RBI.

The lending rates of other banks may also fall soon, with the Marginal Cost of Funds-based Lending Rate (MCLR) system coming into force from April 1st. The RBI had asked banks to price their fixed-rate loans of up to three years, based on their marginal cost of funds from April 1. All banks have to follow the MCLR system, a new uniform methodology which will ensure fair interest rates to borrowers, as well as to banks.

If banks decide to pass on the latest 0.25% policy rate cut announced by the RBI on April 5, the rates for borrowers may go down further.

“The State Bank of India in a statement, said that it has fixed its home loan interest rate at 9.45%, which is 0.25% more than its one-year marginal cost of fund-based lending rate of 9.20%. However, women borrowers can avail of the loans at 9.40% (0.20% above the MCLR), it said. The new rate is applicable from April 1, it said.”

Earlier, SBI’s home loan rates stood at 9.5% for women borrowers and 9.55% for others.

ICICI Bank’s effective rate of interest will go up to 9.65% for women borrowers who take loans of over Rs 5 crore, under the floating rate of interest. The weaker section of borrowers, will be able to avail of loans of up to Rs 25 lakh at 9.40%.

According to ICICI Bank’s website, the full tenor fixed rate loans will be sold at 9.75% for loans up to Rs 30 lakh and it will be between 9.85%-10.10% for loans above Rs 30 lakh.

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