RBI Hikes Repo Rate Know How Much Home Loan EMI To Rise RBI MPC Meeting Home Loan EMI Home Loan EMI To Cost More
Home EMI To Be Costly: After the Monetary Policy Committee...
Home EMI To Be Costly: After the Monetary Policy Committee meeting, RBI has announced to increase the repo rate by 0.50 percent, after which the repo rate has increased from 4.90 percent to 5.40 percent. After this decision of RBI, from government to private banks and housing finance companies will increase the interest rates of home loans, after which your EMI will become expensive. Even before this, on May 4 and June 8, 2022, RBI had increased the repo rate by a total of 90 basis points, after which banks to housing finance companies increased the interest rates on home loans from 0.90 percent to 1.15 percent. Is. Home loan EMI will now become expensive once again.
Effect of RBI raising repo rate
After the decision of RBI to increase the repo rate, banks will make loans expensive from housing finance companies. And the biggest brunt of expensive loans will have to be borne by those people who have bought their house in recent times by taking home loan from banks or housing finance companies. RBI has decided to increase the repo rate by 50 basis points, which has now become 5.40 percent. But in the last three months, RBI has made the loan costly by 1.40 percent. Let us have a look at how expensive your home loan EMI is going to be in three months after increasing the repo rate by 1.40 percent.
20 lakh home loan
Suppose you had taken a home loan of Rs 20 lakh for 20 years at 6.85 per cent interest rate, then you had to pay an EMI of Rs 15,326. But after a total increase of 1.40 basis points in the repo rate three times, the interest rate on the home loan will increase to 8.25 percent, after which you will have to pay an EMI of Rs 17,041. That is, in three months, Rs 1715 more EMI will become expensive. There will be an additional burden of Rs 20,580 on your pocket in the whole year.
40 lakh home loan
If you have taken a home loan of Rs 40 lakh for 15 years at 6.95 per cent interest rate, then you currently have to pay an EMI of Rs 35,841. But after increasing the repo rate by 1.40 percent, the interest rate will increase to 8.35 percent, after which you will have to pay an EMI of Rs 38,806. That is, every month Rs 2965 more EMI will have to be paid. And adding in the whole year, then 35,580 more EMI will have to be paid.
50 lakh home loan
If you have taken a home loan of Rs 50 lakh for 20 years at an interest rate of 7.25 per cent, then you are currently paying an EMI of Rs 39,519. But after the 1.40 percent increase in the repo rate, the interest rate on the home loan will increase to 8.65 percent, after which an EMI of Rs 43,867 will have to be paid. That is, Rs 4348 more EMI will have to be paid every month and in a year there will be an additional burden of Rs 52,176 on your pocket.
Will EMI be more expensive?
However, the RBI has increased the repo rate by 1.40 percent in three phases. It is believed that the way the prices of other commodities including crude oil are coming down, after that RBI will not have to make loans expensive in future.
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