Following is the list of banks that have reduced their home loan rates till date:
State Bank of India
SBI cut its one-year benchmark by 90 bps, which brought its home loan rate from 9.1% to 8.6% for women borrowers and 8.65% for others.
HDFC reduced its home loan rates by up to 0.45 %. Loans up to Rs 75 lakh will attract interest rate of 8.7 % per annum, while it will be 8.75 % for higher amounts, the bank said in a statement. The overnight MCLR has been reduced by 0.9 % to 8.1 % effective January 7. For one year, the MCLR, or marginal cost of funds based lending rate, is now 8.50%, down 0.75 %.
A woman applicant will get a discount of 0.05 per cent in interest rate. HDFC’s earlier benchmark rate was 9.1%. The revised rates have been effective from January 4, 2017.
ICICI Bank has cut its home loan rate by 45 basis points to 8.65% from 9.1% earlier. The bank has also reduced its benchmark rate -the one-year marginal cost of lending rate (MCLR) -by 70 basis points to 8.2% from 8.9% earlier
Axis Bank has cut its Marginal Cost of Lending Rates (MCLR) by 65-70 basis points. After the cut, bank’s MCLR will be 8.25% for one-year tenor, as against 8.9% earlier. The new MCLR will be effective from January 18, 2017.
Citibank India announced it will reduce its home loan rate to 8.80 % from 9.50 %, effective January 9, 2017. The final pricing on the loan will be based on the loan amount, product or facility type offered, and internal Citi loan risk assessment parameters.
Bank of Baroda
Bank of Baroda reduced it marginal cost of funds based lending rate (MCLR) by up to 75 basis points across various tenors. The new rates have been effective from January 7, 2017 and are applicable to all new and renewed borrowal accounts. The overnight MCLR has been reduced to 8.10 % from 8.80 %.
One month MCLR has been set at 8.15 % while 3 month MCLR has been reduced to 8.20 % from 8.95 % earlier. One year MCLR has been reduced by 70 basis points to 8.35 % from existing 9.05 % – the lowest among all lenders. Three year MCLR has been revised to 8.50 % from 9.05 %.
Union Bank of India
Union Bank of India slashed its benchmark lending rate by 0.60-0.90 %, across different tenures with effect from January 6, 2017.
Dena bank slashed its benchmark lending rate by 0.75% to 8.55% for a one-year tenor.
Kotak Mahindra Bank announced a cut of MCLR by 0.20 % to 0.45 % across tenors, with effect from January 1, 2017. After cut, the overnight MCLR stands at 8.20% (down from 8.60%) while the one-year rate is at 9% reduced from 9.20%. Its home loans are pegged at 6-months MCLR rates which are at 0.65%.
Canara bank has also reduced it one-year MCLR to 8.45 % from 9.15 %.
Bank of India
Bank of India reduced its minimum lending rates or marginal cost of funds based lending rates (MCLR) by up to 90 basis points, effective January 7, 2017.