The Reserve Bank of India has cut repo rate by 25 basis points. Now The RBI will be cut repo rate of the loan, According to cuts the leading rate . The repo rate now stands at 6.25 percent( lowest repo rate since last 6 year ). It is the good news for the homeowners. Home loan EMIs could come down If the repo rate comes down. It depends on the Bank which has been quite reluctant to pass on the benefit to their customers. If your loan has been granted after since 1 April so your loan will based on MCLR ( Marginal Cost of Funds based Lending Rate ). Meanwhile, benefit to you for cuts the repo rate. MCLR cuts benefit does not get immediately, whose consumer that take loan before since 4 oct 2016.
The last rate cut came in April 2016 when the then Governor of RBI, Raghuram Rajan, cut the rate by 25% premise to 6.50%. The most recent cut has gone under the administration of the new Governor of the bank, Urjit Patel. In any case, he didn't singularly choose the cut similar to the case some time recently. For the time ever, a six-part board called the Monetary Policy Committee took the choice to make the cut. The RBI rate cut has gone ahead the onset of the festive season and investigators trust it will enhance customer assumption proceeding. Banks too have demonstrated that they will soon transmit rate cut to consumers.
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