Q:SBI may have cut its base lending rate by 40 bps to 9.3% following RBI's latest policy rate cut, but the actual reduction in housing loan rate will be a maximum of only 20 bps.
Latest Answer: Hi Rakshit,
The Maxgain loan is a home loan structured as an overdraft. In this loan category, the borrower is not charged any interest for any surplus that the borrower charge in a current account linked to the loan. For a Maxgain loan above Rs 1 crore, interest has been revised to 9.75% for women and 9.8% for men.
Latest Answer: @Abhi,
Manoj Gaur, MD, Gaursons India Ltd told that with this move, stakeholders are now expecting the sales to improve as more potential customers will think of buying homes as the interest rates will be reduced. With weakening rupee and core sector index shrinking to 0.4% in the month of April, this move by RBI shows aggressive decision making which will be very crucial for the upcoming months.
