📰 Reserve Bank cuts repo rate: Relief for borrowers and economy

Monthly installments of home loans will be reduced. Those who have taken loans of several lakh rupees can get a reduction of up to Rs 4,000 in EMI. Meanwhile, the Reserve Bank of India (RBI) has conducted a repo rate cut today. The Reserve Bank of India's Monetary Policy Committee has announced that the repo rate will now be 5 percent. So far this year, the RBI has reduced the repo rate by one and a half percent. It reduced it by one percent between February and June. In August and October, the status co. Home loans of major banks like SBI, HDFC Bank, ICICI Bank, Bank of Baroda and Canara Bank start at 7.3% interest. There are schemes that go up to 7.9%. In January

A person who has taken 50 lakhs for 20 years at the percentage interest rate will earn a profit of Rs 18.32 lakhs on interest due to the repo cut that was in place until now. This profit is due to the EAA penalty remaining in place even after the rate cut. On the other hand, if the option of reducing the EAA is accepted, the profit will be reduced to Rs 9.29 lakhs. Everyone plans this according to the current economic situation. This is an estimate based on an interest rate of 7.25%. With today's announcement, banks will continue to announce new interest rates. Then the figures will be even better.