Yes. The State Bank of India (SBI) has cut its marginal cost of funds-based lending rate, or MCLR, by 5 basis points (bps) across all tenors. This will result in reduction in its home loan rates.

After today's rate cut, the one-year MCLR will come down to 8.45% per annum, from 8.50% per annum.

As a result, interest rates on all loans linked to MCLR will get reduced by 5 basis points with effect from 10 May 2019.