Home Loan EMIs - Business Outrank

The RBI reduced its repo rate to 6% through a 25 basis point decrease which provides relief to home loan borrowers. The monetary policy adjustment for FY 2025-26 will lead to interest rates below 8% per annum for numerous customers. HDFC Bank and Axis Bank have already implemented the complete rate reduction for current borrowers which indicates positive growth for the housing industry. The effect of this interest rate reduction on borrowers will depend on their loan contract requirements since banks need to review rates every quarter. The reduction of 50 basis points by banks after RBI's action would enable borrowers to achieve substantial interest savings. A ₹50 lakh home loan at 9% interest requires monthly payments of ₹44,986. The interest rate reduction of 50 basis points would lower the monthly payment to ₹43,391 while providing borrowers with a monthly saving of ₹1,595 and yearly savings of ₹19,140 and total savings exceeding ₹3.8 lakh during twenty years. The borrowers who have floating rate loans connected to the repo rate will receive the most benefit. Homeowners who pay elevated interest rates should seek refinancing according to expert advice. The prime borrowers with credit scores above 750 who obtain new loans after October 2019 will achieve the lowest interest rates available.

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