Save on interest cost or lower tenure with a home loan balance transfer

Shift to the MCLR regime of banks, which is more transparent and offers faster rate transmission

Home loan rates have registered a steady increase over the past year, resulting in higher equated monthly instalments (EMIs) for most existing home loan borrowers. India’s largest lender – State Bank of India – had increased its one-year marginal cost of funds-based lending rate (MCLR) by 20 basis points (bps) to 8.15 per cent on March 1, 2018, three months before the Reserve Bank of India (RBI) hiked its repo rate. In November 2018, SBI’s MCLR stands at 8.50 per cent, reflecting a 55 bps increase since the end of February 2018. Other lenders, too, have followed more or less