SBI cuts home loan rate to 6.7%, BoB to 6.75%

A Cibil credit score of more than 800 will make a borrower eligible for a home loan rate of 6.7 per cent

Freedom from financial woes

Here is a broad plan that one could follow to achieve ‘independence’ from financial worries

SBI has been offering home loan and few other loans including personal loan against property and reverse mortgage since October last year

It’s important to have strong financial plan and avoid missteps while availing a home loan.

Banks disbursed Rs 2.52 lakh crore of loans in October and Rs 2.39 lakh crore in November.

SBI is the lead banker in 48 districts across the country. Likewise, BoB is the lead banker in 17 out of 250 districts in the first phase.

A home loan is termed a ‘good’ loan since it helps you own an actual property that gains value over the period of time.

The external benchmark for all floating rate loans for MSME, housing and retail loans effective October 1, 2019.

PTCs issued in mortgaged-backed securitisation should be mandatorily listed if the securitisation pool is larger than Rs 500 cr.

The one-year MCLR will come down to 8.15 per cent per annum from 8.25 per cent per annum from Tuesday.