Banks reducing their lending rates
After the Reserve Bank of India reduced its repo rates for the third time in the year, housing finance banks are reducing their lending rates granting a relief to home buyers. Immediate after the announcement, SBI reduced its base rate or minimum lending rate to 9.70 per cent from 9.85 per cent effective June 8. Allahabad Bank cut base rate 0.30 percent, while Dena Bank, Punjab & Sind Bank reduced their base rate by and 0.25 percent each. The base rate has been be reduced to 9.95 percent from 10.25 percent, effective June 8. Also, Dena Bank and Punjab & Sind Bank lowered their base rate by 0.25 percent to 10 percent.