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Personal Finance

Why MCLR linked home loans fail to reduce your EMIs

Updated : August 20, 2019 10:25 AM IST

Recently, State Bank of India (SBI), Bank of Baroda, Central Bank of India, Allahabad Bank, UCO Bank, Syndicate Bank, etc. slashed their marginal cost of funds based lending rate (MCLR) rates by 5 to 25 basis points for different tenors after the RBI slashed rates by 35 basis points (bps) in August.
Despite the MCLR cut announced by banks, existing home loan borrowers will not get the benefit of it immediately.
Why MCLR linked home loans fail to reduce your EMIs
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