New Delhi: There is good news for homebuyers who wish to take home loans. A number of government and private banks have just reduced MCLR rates, thereby making home loans cheaper. State-run SBI and Bank of India have reduced the MCLR in the range of 10-20 basis points while private sector lender HDFC has reduced MCLR by up to 15 basis points.
The Bank of India cut its one-year MCLR lending rates by up to 20 basis points for various tenors. This would be effective from Tuesday. It reduced the MCLR for overnight rates by 20 basis points. It cut the MCLR for all other tenors by 10 basis points. The overnight rates have now become 7.75 percent. The new one-year MCLR has now become 8.20 percent as compared to 8.30 percent earlier.
SBI has announced that it will cut its one year MCLR based lending rates by 10 basis points. The MCLR has been reduced from 8 percent to 7.90 percent for one year tenor now.
SBI’s new one-year MCLR is fixed at 8.20 percent as against 8.30 percent.
HDFC Bank reduced its MCLR for loans of all tenors by up to 15 basis points. Even last month, HDFC had lowered its MCLR across tenors by up to 10 bps. With the latest reduction, HDFC’s 6-month MCLR has now come down to 8 percent, 1-year MCLR has now come down to 8.15 percent, 2-year MCLR has now come down to 8.25 percent and 3-year MCLR has now come down to 8.35 percent.