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30-06-10
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Effect of Base Rate system on Home Loans??
RBI had directed all the banks to switch over to the base rate system from the existing Benchmark Prime Lending Rates (BPLR) system with effective from 1 July.
All new loans sanctioned after 1 July and those falling due for renewal from 1 July, (except exempt categories as per RBI Guidelines will now be priced with linkage tobase rate. Banks Base Rate (PA) State Bank of India 7.5% Punjab National Bank 8% Bank of Baroda 8% Union Bank 8% Central Bank of India 8% Bank of Rajasthan 8% Indian Bank 8% Uco Bank 8% IDBI Bank 8% Indian Bank 8% Dhanlaxmi Bank 7% Federal Bank 7.75% State Bank of Mysore 7.75% Corporation Bank 7.75% Karur Vysya Bank 8.5% Canara Bank 8% Indian Overseas Bank 8.25% What will be the effects of these changes on existing home loans, EMIs etc.? Any idea, how banks will set new interest rates 1st July onwards? 
Last edited by nitesh321; 30-06-10 at 05:16 PM. |
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