The meeting of RBI's Monetary Policy Committee (MPC) started on Monday. The meeting, which is being chaired by RBI Governor Shaktikanta Das, will last for three days. The monetary policy of the central bank will be reviewed in this meeting.
Recently, State Bank of India (SBI) reduced its interest rate to 6.7 per cent for home loans up to Rs 75 lakh and 6.75 per cent for home loans above Rs 75 lakh. However this interest rate is for customers with high CIBIL scores.
Just a few days before HDFC's announcement of the fall in home loan rates, banks like State Bank of India and Kotak Mahindra Bank announced rate cuts.