Talking about home loan rates, there is good news for borrowers.
'It reduces the immediate financial strain on your family and helps you take control of your finances without being dependent on your parents.'
Technical, legal, valuation fees could offset the benefit.
While existing base rates and loans linked to it will continue, new loans will be linked to the MCLR, which is likely to be lower
There will be an automatic reduction in interest rates of all floating rate loans anytime soon.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
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