Home loan rates: From what is MCLR to should you switch, all you need to know

Mumbai-based Vinayak Godbole (name changed on request) received a letter from his bank early this month. It wasn’t the regular statement, but a letter offering information about switching his home loan to the Marginal Cost of Funds Based Lending Rate (MCLR), a system of calculating interest rate for all retail loans that have a floating rate of interest.

Home loan rates: From what is MCLR to
Mumbai-based Vinayak Godbole (name changed on request) received a letter from his bank early this month. Image source: Reuters

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