SBI & PNB Cut Rates: Does Your EMI Drop?

SBI, PNB, and 4 other major banks have revised their home loan lending rates. If your loan is linked to EBLR or MCLR, your EMI may fall — but only if your bank actually passes the cut to you.

Here's what happened: SBI, PNB, and four other major banks have revised their home loan lending rates downward, reducing borrowing costs for eligible customers.. The rate cuts apply primarily to EBLR-linked (repo-linked) floating-rate home loans, which reset periodically and pass on rate changes automatically.. MCLR-linked borrowers may see a delayed benefit, as MCLR revisions and annual reset cycles can postpone EMI relief by up to 12 months..

What you should do: Log into your bank's net banking or app and check whether your home loan is EBLR-linked or MCLR-linked — this single fact determines when your EMI drops.. Find your loan's next reset date in your loan statement or sanction letter — EBLR loans reset every 3 months, MCLR loans annually.. If your loan is on Base Rate or BPLR (pre-2016), call your bank's loan helpline and request a switch to EBLR — it costs ₹2,000–₹5,000 but saves far more over time..

Ask your bank for a revised amortisation schedule after any rate cut — most borrowers don't know banks default to reducing tenure, not EMI, unless you specifically request an EMI reduction in writing.