News From Press Lending rates fall. What should you do?

Lending rates fall. What should you do?

Source: Mint Jan 4, 2017

The year has started with a bang for new home loan borrowers, with some banks slashing their marginal cost of funds-based lending rate (MCLR) by as much as 90 basis points. This is one of the steepest cuts in recent times. One basis point is one hundredth of a percentage point. MCLR is the new benchmark lending rate linked to all floating rate loans. Currently, most home loans are linked either to 6-month or 1-year MCLRs.

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