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Updated as on April 5, 2016

Tenor MCLR
Overnight 8.95%
One month 9.05%
Three months 9.10%
Six months 9.15%
One Year 9.20%
Two Years 9.30%
Three Years 9.35%

The Effective SBI Home Loan Interest Rates based on MCLR

Plans New Interest Rate effective April 1, 2016
Women Men
SBI Term Loan 9.40% 9.45%
SBI Max Gain (below 1 Cr) 9.50% 9.55%
SBI Max Gain (above 1 Cr) 9.75% 9.80%



Marginal Cost of funds based Lending Rate (MCLR) is a system of calculating the interest rate on loans given out by banks. MCLR has been introduced by Reserve Bank of India to make the interest rates on loans in-sync with the market conditions. Previously, Interest Rate was calculated on Base Rate system. Interest Rate = MCLR + Spread
We are still in the early stages of the MCLR system and we do not yet know if it is a good idea to switch to this system. The option of switching will only be available to people who have taken a loan before 31st March 2016 as they will continue on Base Rate. All loans taken after 1st April will be automatically given on MCLR. If you need more information on this, you can read Base Rate v/s MCLR: Should you switch your home loan to MCLR.