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Cheaper home loans for pre 2016 borrowers as pronounced by RBI

Courtesy/By: Ikcha Sushil Kumar | 08 Feb 2018

The RBI may make home loans cheaper for people who borrowed the sum before 2016 and are stuck in the old base rate. In their policy statement, RBI has announced that banks will be forced to mandate their old base rate with the current benchmark. The MCLR or marginal cost of lending rate system is a formula based system was introduced by RBI on April 2016 and was linked to the cost of funds. The benefit was only availed by people who took loans after that time but now RBI has asked banks to revise their rates for pre 2016 borrowers as well. Banks are asked to revise the old base rate in accordance to the MCLR from April 1, 2018. Necessary instructions will be issued by the end of next week. Pre 2016 borrowers will have to pay a fee to switch from base rate to the MCLR system.

The weighted average lending rate has dropped to 10.26% from 11.23% from April to December 2017 after base rate was discarded. It is expected to drop more after rates for pre 2016 loans are to be revised.

Courtesy/By: Ikcha Sushil Kumar | 08 Feb 2018