936 questions
451 answers
49 comments
60,179 users
+1 vote
152 views
I have nill idea about MCLR. Could you help? I want to know more about it.
asked Sep 12, 2017 in Home Loan by Khalil (74 points) | 152 views

1 Answer

0 votes
Hi Khalil,
MCLR- Marginal cost Lending Rates.
With RBI's recent Guidelines, banks are required to use MCLR method to determine home loan interest rates.
 
In case of a floating rate home loan, the banks are now required to change the interest rate either yearly or every six months. In case you have a fixed rate home loan, you can get in touch with your bank to get information regarding conversion of your fixed rate home loan to the new MCLR-based floating interest rate. At present, introduction of the new MCLR regime has led to a reduction in applicable home loan interest rates.
answered Sep 12, 2017 by Mahadev (164 points)
Welcome to Zippserv Q&A, where you can ask questions and receive answers from other members of the community.