Leading banks SBI and ICICI today cut their home loan rates by 0.10 percentage point to 9.4 per cent following implementation of a new interest rate calculation regime mandated by RBI.

The lending rates of other banks may also fall soon with the Marginal Cost of Funds based Lending Rate (MCLR) system coming into force with effect from April 1. If the banks decide to pass on the latest 0.25 per cent policy rate cut announced by RBI on April 5, the rates for borrowers may go down further.