New Delhi, April 15 -- Ever since the Reserve Bank of India's (RBI) monetary policy committee on April 9 cut its repo rate by 25 basis points, a number of banks - mostly in the public sector - have slashed their repo linked lending rates (RLRR) on home loans. These banks which have reduced their RLRR are SBI, Bank of Maharashtra, Indian Bank and Punjab National Bank (PNB).

As mentioned, the cut is seen in the repo linked lending rate (RLRR). For those who are unaware, floating-rate home loans are typically linked to external benchmarks with effect from Oct 1, 2019, with the repo rate being the most common. Other benchmarks to which the floating-rate home loan can be linked are treasury bill yield and other benchmarks.

State Bank of Indi...