SBI hikes Home loan rates
On Thursday, SBI slashed benchmark lending rate by 15 basis points.Subsequently, rates on home loans linked to Marginal Cost of Funds-basedLending Rate (MCLR) have also come down. Most of the home loans are given onthe basis of repo rate or MCLR.
While SBI has kept the external benchmark-linked lending rate constant at 7.05per cent, the increase in home loan rates has been done by raising margins byup to 30 basis points across various home loan products. The new rates cameinto effect from May 1, as per information available on its website.