SBI cuts home loans interest rates upto Rs 30 lakh by 10 basis point

On Tuesday, the country's largest public sector lender, State Bank of India (SBI) cut the marginal cost of lending rates and also cuts interest rates on home loans.

SBI cuts the lending rates by a marginal 5 basis points across all tenors will effective from April 10.

The revised one-year marginal cost of funds based lending rate (MCLR) stands at 8.50 percent from 8.55 percent earlier, the bank said in a statement.

SBI also cut interest rates on housing loans upto Rs 30 lakh by 10 basis point. Accordingly, the interest rate on housing loans below Rs 30 lakh will be in the range of 8.60-8.90 percent from 8.70-9 percent earlier.

Last week, the Reserve Bank of India (RBI) in its first monetary policy review announced to cut the repo rate to 6 percent from 6.25 percent earlier. (i.e) The move follows a 25 basis points cut in repo rate. The monetary authority had also lowered the key rates in the february month policy review.

"On the basis of an assessment of the current and evolving macroeconomic situation, the MPC (Monetary Policy Committee) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6 percent from 6.25 percent with immediate effect", the RBI said.