SBI and ICICI Bank Cut Home Loan Interest Rates Following RBI's Rate Cut

April 8, 2016: The State Bank of India and ICICI Bank has slashed their home loan rates by 10 basis points from 9.5 to 9. 4 percent. The announcement has come after 2 days of the rate cut by RBI in the monetary policy review. RBI has also implemented a new system to decide the interest rates on the basis of Marginal Cost of Lending system.

Other banks may also cut the rates very soon and join the queue.  RBI has cut the key interest rates by 25 basis points on April 5 to maintain the liquidity flow in the market.

SBI in a statement said that the home loan interest rates have been fixed at 9.45 per cent. For women borrower, the interest rates are 9.20 percent. New rates are applicable from April 1.

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