Home Loan Interest– If you are planning to take a home loan or you are already paying home loan EMI, then this news is going to be very important for you. Actually, three big government banks of the country have cut their home loan interest rates. This cut has been done in the month of July itself. Let us tell you that recently RBI also cut its repo rate, after which banks are cutting their loan interest rates.
Punjab National Bank ( PNB ), Indian Bank and Bank of India (BOI) have made their home loans cheaper than before, making their customers happy. These banks have reduced their marginal cost of lending rate (MCLR) by 5 basis points in July, after which it will become cheaper for people to take loans from these banks than before.
PNB MCLR cut
PNB has reduced its MCLR by 5 basis points, after which the overnight MCLR has come down from 8.25 percent to 8.20 percent. At the same time, 1 month MCLR has become 8.35 percent, 3 month MCLR has become 8.55 percent and 3 year MCLR has become 9.20 percent.
Indian Bank cuts MCLR
Indian Bank has also reduced its MCLR by 5 basis points, after which the overnight MCLR has become 8.20 percent. At the same time, 1 month MCLR has become 8.40 percent, 3 month MCLR has become 8.60 percent and 1 year MCLR has become 9 percent.
Bank of India cuts MCLR
Bank of India has also reduced its MCLR by 5 basis points, after which the overnight MCLR has become 8.10 percent. At the same time, 1 month MCLR has become 8.40 percent, 3 month MCLR has become 8.55 percent and 1 year MCLR has become 9 percent.