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Base Rate

A reason to be happy for home loan borrowers

A reason to be happy for home loan borrowers
Banks must effect any change in floating rate loans only at the agreed-upon reset date, RBI suggested. This aims at ushering in transparent and appropriate pricing of credit, according to an RBI working group. It was suggested by the group that floating rate loan agreements can have interest rates reset monthly, quarterly, half-yearly, etc. This [...] Continue Reading »

Union bank cuts interest rate on home loans

Union bank cuts interest rate on home loans
The Union bank of India, a Mumbai based public sector lender, has decreased the interest rates on home loans above Rs 30 lakhs by 25 basis points. The bank is now offering home loans up to 75 lakhs at the base rate which is 10.5 percent. Loans above Rs 75 lakh and up to Rs [...] Continue Reading »

New base rate method from July 1

New base rate method from July 1
The RBI said in a notification that Banks are permitted to change the benchmark and methodology used in the computation of Base Rate for a further period of six months.Earlier, banks were given time till December 31 to adopt the new method for computing base rate. Base rate is a new system of lending money [...] Continue Reading »



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