I took out a home loan from SBI in the first week of December 2015 at 9:25am (MCLR 8.90 and Spread 0.30), the MCLR in a month has now decreased by about 100 basis points as of today (according to today`s news reduction of 90 basis points). A 100 basis point reduction results in a significant difference in interest rates due to my credit account. Now that my interest reduction is set at 1 year, can I still ask the bank to reset my interest rate, whether it`s for a fee, and are there incidents of banks resetting it? Good morning! Sreekanth, thank you for your efforts to make us aware and wake us up in all financial matters. I took out a residential loan to SBI for 40 lakes at 9.25% at the base rate, loan in June 2015. As you know, the current MCLR in SBI is 8.0% and we may only see a few reductions in the future. In this situation, how do you propose me to switch to the MCLR? My loan will last at least 5-7 years. If I switch to MCLR, how much I will benefit from it and what is your proposal to this taking into account the 0.58% pre-payment fee on balances and spreads, etc., thanks for proposing what I should do in such a case, if we can do something? You are also asked to offer me if we prefer to switch to mcLR basic loans (SBI calculates 0.50% – applicable service tax on the outstanding conversion) My loan has been approved for 19 years and I have made some advances even at no cost. I recently applied for a loan against mcLR Bank Einlage (NRE) for RS 45000. My fixed deposit is RS 50000 (7% pa) SIR, I took out a home loan on September 20, 2016. Am I entitled to swith over of MCLR Rate? In this post, let us understand – What is the marginal cost of Lending rate? Difference between MCLR methods and basic pricing methods? How do I calculate or determine MCLR? Is the new MCLR system beneficial to borrowers and banks? What is the impact of MCLR on existing and new home loan buyers? My Sbi home with a base rate is 9.4% (9.3-0.1spread) If I switch to mclr, which will be my spread .??? What is the % that needs to be changed to mclr. Dear Amey, If you pay (it`s like you only pay EMIs) personal credit EMIs, it won`t affect your credit score. With respect to your “authorization” for home loans, in addition to your creditworthiness, your income level is important, on the basis of which the financial institution provides you with the loan. Dear Hemanth, I partly disagree with her.

Yes, everyone is a risky borrower, but the quantum risk that a bank or lender sees or signs may differ from one borrower rate to another. Not everyone can receive a home loan offer from SBI, but anyone can get a home loan offer from LICHFL. The risk varies and the guidelines/guidelines for underwriting vary. Dear Bhavesh. It depends on the remaining term of your loan. Hello, I have a home loan of Rs 40,00,000 for 20 years (from March 2016) from the Eastern Bank of Commerce based on the base rate (or 9.70% right now). I took 36 lakes real estate credit from SBI 2016 for 15 yrs.my EMI is 39,000 months of pets. my EMI.is there is an advantage for Mr. Can You explain to me what the reset mechanism would be in the MCLR plan.