Announcing the first monetary policy of 2023, RBI has increased the repo rate by a quarter of a percent while changing the policy rates. Let us tell you how much your home loan will be affected. Accordingly, you will have to pay this much EMI.
RBI Repo Rate Hike: RBI has increased interest rates for the sixth time in a row. The Reserve Bank of India has increased the repo rate by 25 basis points after the monetary review meeting today i.e. on February 8, 2023. After this increase, the repo rate has reached 6.50%. Let us inform that earlier in the year 2022, RBI has increased the repo rate by 2.25% in five monetary policy meetings.
Once again you are going to have to take home in the new year. RBI’s repo rate After increasing, from public-private banks to housing finance companies will increase the interest rates of home loans. After which now your home loan EMI will become expensive.
Announcing the first monetary policy of 2023, RBI has increased the repo rate by a quarter of a percent while changing the policy rates. Let us tell you how much your home loan will be affected. Accordingly, you will have to pay this much EMI.
EMI increased so much on home loan of 25 lakhs
Suppose you had taken a home loan of Rs 25 lakh from SBI for 20 years at 8.60% at an EMI of Rs 21,854. Now after the increase of 25 basis points in the repo rate, the interest rate will increase to 8.85%, on which you will now have to pay an EMI of Rs 22,253. That means your EMI has become costlier by about Rs.400.
EMI increased so much on home loan of 40 lakhs
For a home loan of Rs 40 lakh for 20 years at an interest rate of 8.60%, currently the EMI will be Rs 34,967. But after an increase of 0.25% in the repo rate, interest will have to be paid at the rate of 8.85%, on which EMI of Rs 35,604 will have to be paid. That means every month the burden of Rs 637 will fall on your pocket.
EMI increased so much on 50 year home loan
He was paying EMI of Rs 49,531 at the rate of 8.60% on a home loan of Rs 50 lakh for 15 years. But after the increase in the repo rate, now an EMI of Rs 50,268 will have to be paid. That means your EMI has become expensive by Rs 737.
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