If fresh home loan borrowers had reason to celebrate on Saturday when State Bank of India cut its rate to 8%, existing borrowers too can look forward to paying lower EMI very soon.

On Monday there were strong signals of public sector banks cutting their prime lending rates in response to further prodding from the government to cut interest rates. As floating home loan rates are tied to PLR, any cut in PLR will mean lower rates for existing customers too.

The Times of India