POSTED BY September 8, 2012 4:50 pm COMMENTS (6)ON
I am planning for home loan from SBI.. as i see interest rate is 10.25% which looks minimum. However I want to understand the term : Linkage with Base Rate over the tenor of the loan
They say Base Rate= 10.00% p.a and Interest rate is 0.25% above Base Rate.
Who fixed Base Rate= 10.00% p.a.. RBI(i think so..) or SBI itself.
Again, IS THIS 0.25% above Base Rate IS FIXED FOR ENTIRE TENURE OF MY LOAN OF 20 YEARS ? or SBI CAN CHANGE THIS ?
If Base rate is fixed by RBI, will this Base rate will come down by same amount if there is a rate cut by RBI ?
(e.g If RBI cut rate by 0.5%, Interest rate should be 9.75%)
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