Tag: cutting

Why the hype on banks cutting lending rates is a non-event for the average home loan borrower

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State Bank of India (SBI), the country’s largest lender, recently slashed its external benchmark based rate (EBR) by 25 basis points (bps) to 7.8 percent per annum from 8.05 percent earlier, effective January 1. One basis point is one hundredth of a percentage point. The latest reduction make SBI’s home loan rate the lowest among…