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Have a Home Loan? If you have already done before April 2016 good newsMessage

Have a Home Loan? If you have already done before April 2016 good news
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  1. The Reserve Bank of India (RBI) has given the news of relief to home loan borrowers before April 2016. In which the people who have taken bank loan before April 2016 have been directed to engage the interest rates market. Following some of the complaints received by the RBI, some points were given by the bank, which resulted in benefits such as home loan holders. It is noteworthy that the Reserve Bank registers the home loan companies as non-banking finance companies (NBFCs). Now the non-banking finance company has been brought under the RBI's Ombudsman. This will solve the grievances of the lenders without any cost.
  2. It is said that after the ending of the Base Rate by the RBI, it is possible to get the benefit of the Wanted Avarse Landing falling from 11.23 to 10.26% in 21 months. Most banks have not changed interest rates according to the cost of funds, but SBI has reduced the interest rate on home loans by 30 basis points to 8.65% in the last month. Most people are those who are linked to the MCLR with interest rates applied on the loan. They got this benefit.
  3. Before April 2016, the Home Loans were connected to the Bas Rate, which was set by the bank for one-sided. When the complaints start coming, if the base rate does not have the benefit of reducing the interest rate, the RBI has applied the marginal cost of landlending rate (MCLR) based on the formula which is linked to the value of the funds.
  4. "The recommendation of the Base Rate of MCLR will prove to be helpful in reducing the distribution of loan and reducing the landing rates," said country's head of bank Naku Nakat. "We have tied up base rate calculations with MCLR," said RBI deputy governor Vishwanath. However, it has not been clarified that how the RBI's best rating will be in conformity with the MCLR. However, it has been made clear that the loan attached to the base rate will be linked to the MCLR in the future. In its policy statement, the Reserve Bank has asked banks to link base rate with MCLR from April 1, 2018.