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Both the rates have been slashed by 0.45 per cent each.
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Base rate is the minimum lending rate offered by any lender on loans issued before April 2016
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To whom are these reduced rates applicable The reduction in State Bank of India‘s (SBI‘s) rates, is not as widely applicable, as is made out to be. It is not that the home loans R
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Even though Reserve Bank of India Governor Urjit Patel feels “further scope for a more complete transmission of policy impulses remains”, banks hold a different view.
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“Banks have reduced lending rates, although further scope for a more complete transmission of policy impulses remains,” Urjit Patel after RBI monetary policy announcement.
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Ahead of the Reserve Bank of India‘s (RBI‘s) monetary policy this week, the country’s largest bank, State Bank of India (SBI), on April 3, 2017, reduced its benchmark lending rate by 0.15% to 9.10%, R
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For new borrowers, the MCLR or the marginal cost based lending rate which was last reduced in January to 8 percent for a one-year loan and 8.15 percent for three-year loans, remains unchanged.
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It is better to do the home work before signing above the dotted line. Home loans being large and long term liability it makes all the more important to understand what matters.
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The year 2017 has begun on a good note for home loan borrowers, with significant cuts in interest rates being announced by most banks. Experts point out that the reduction in the interest rates, R
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Basis of home loan interest rates charged by housing finance companies Housing finance companies (HFCs) are regulated by the National Housing Bank Limited (NHB), a subsidiary of the RBI. The funding of housing finance R
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To do a balance transfer, you must check the transfer cost, outstanding loan amount, tenor, and difference in the interest rates.
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The substantial cut of 0.90% by the State Bank of India in its marginal cost of funds-based lending rate (MCLR), has created a lot of interest amongst the general public and borrowers, in particular. R
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Taking a cue from State Bank of India, other lenders including India‘s largest private sector lender ICICI Bank and state-owned Oriental Bank of Commerce and Andhra Bank, have announced cuts in their marginal cost R
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Public sector IDBI Bank has reduced its base rate or minimum lending rate to 9.65 per cent per annum from from 9.75 per cent per annum earlier.
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State-run lender SBI today announced a move towards marginal cost of funds based lending rates (MCLR), with effect from April 1, 2016, in line with a Reserve Bank policy that called for a shift to the new regime.
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Government sources say banks are likely to lower base rate by 40-60 basis points from April 1. The banks will have to start adhering to the new base rate math from April 1
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"The Company has successfully issued and allotted 5000 unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) of the face value of Rs 10 lakh each aggregating Rs 500 crore on a private placement basis," Tata Power Company informed BSE today
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Speaking to CNBC-TV18, Ashish Parthasarthy, Head Treasurer of the bank says that rates are reviewed on a quarterly basis and are adjusted accordingly. The current reduction is base rate will not have much impact on the bank‘s margin, he adds.
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The new base rate calculation method based on banks' marginal cost of funds
put in place by the RBI will not shave much off their net interest margins, leading
foreign brokerage Jefferies said.
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With the RBI announcing a new methodology to calculate bank base rates using marginal cost of funds, State Bank of India may move to a structure in which it could have different base rates for different tenors, chairperson Arundhati Bhattacharya told CNBC-TV18.
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Implementation of the Pay Commission proposals, and its effect on wages and rents, will also be a factor in the Reserve Bank‘s future deliberations, though its direct effect on aggregate demand is likely to be offset by appropriate budgetary tightening
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The rate reduction has been done following the Reserve Bank's surprise 0.50 percent rate cut at the last policy announcement, the private player said in a statement.
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Indiabulls Housing Finance today said it has lowered its lending rates by 0.25 percent to 9.60 percent from the existing 9.85 percent.
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"Almost 80 percent of our advances are linked to base rate so there would be an impact of 20-25 basis points on our margins," the bank's Executive Director R K Takkar said.
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IDFC Bank will be offering 9.50 percent base rate to its customers, says Rajiv Lall, executive vice-chairman and MD of IDFC Bank. He also says the bank is on track to deliver at least a Rs 1,000 crore in profits this year.
