NEWS
SBI cuts home loan rate, EBLR by 25 bps
SBI’s revised lending rates follow RBI’s cut in the policy repo rate by 25 basis points; bank, however, keeps MCLR and BPLR unchanged.
SBI’s revised lending rates follow RBI’s cut in the policy repo rate by 25 basis points; bank, however, keeps MCLR and BPLR unchanged.
State Bank of India (SBI) has lowered its lending rate for home loans by 25 basis points to 8.25%.
The country’s largest lender has also reduced its external benchmark-based lending rate (EBLR) by 25 basis points to 8.90%.
The revised lending rates, effective from 15 February, follow the Reserve Bank of India’s cut in the policy repo rate by 25 basis points to 6.25% on 7 February.
SBI, however, has kept the marginal cost-based lending rates (MCLR) and benchmark prime lending rate (BPLR) unchanged from previous rates. This means borrowers with MCLR-linked loans may need to switch to benefit from lower interest rates.
SBI's home loan portfolio, which grew by 14.26% year-on-year to Rs 7.92 lakh crore as of December 2024, accounts for 22.94% of the bank’s total domestic credit.
