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What You Should Do If You Have Home Loan? |
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What You Should Do If You Have Home Loan?
What You Should Do If You Have Home Loan?
RBI MPC Meeting: Governor Shaktikanta Das announced a hike of 50 basis points in the repo rate on Wednesday. This is expected to push EMIs on home loans higher. What can you do to decrease the burden? Know here The Reserve Bank of India (RBI) announced a hike of 50 basis points in the repo rate to raise it to 4.9 per cent. In May, the RBI had announced a surprise hike of 40 basis points in the benchmark interest rate from 4 per cent to 4.4 per cent. RBI Governor Shaktikanta Das announced the measure in a bid to tame the rising inflation, especially in food and fuel For the unversed, the Repo rate is the rate at which banks can borrow from the RBI. The burden of this generally falls on the general public. If the banks have to pay a higher interest rate on loans to the RBI, they are most likely to charge higher from their customers too. With the latest move, the banks are most likely to hike their EMIs further. Since the May 2022 announcement, several banks have already hiked their interest rates on the loans. The latest announcement is most likely to push the EMIs higher. Similar Threads:
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