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SBI to offer home loan linked to repo rate

SBI to offer home loan linked to repo rate        

The State Bank of India will introduce a product where the interest rate is linked to the repo rate of the Reserve Bank of India.

The Home Loan receivers will have the option to choose interest rate linked to RBI’s repo rate.

Repo rates are benchmark rates set by the RBI and those opting for the SBI’s new home loan product will see interest rates moving instantly in sync with the repo rate.

Repo Rate

Repo rate is simply the rate at which commercial banks receive the money from RBI.

If the repo rate goes up, banks increase their interest rate and vice versa are also true, but not always.

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