RBI MPC Meet RBI To Hike Repo Rate ON 5th August 2022 Home Loan EMI Costly Likely

RBI Repo Rate Hike Likely: Once again get ready for...

RBI Repo Rate Hike Likely: Once again get ready for expensive loans. Since the loan is going to be more expensive after Friday August 5, 2022, then if your home loan EMI is going on, then your pocket is going to be loose in paying the EMI. In fact, on Friday, RBI will announce the decision taken in the meeting of the Monetary Policy Committee. And there is every possibility that the RBI may announce an increase of 35 to 50 basis points in the repo rate. If this happens, then it will become expensive to take home loans to car loans and education loans from banks. At the same time, those who are already paying the EMI of the home loan, their pocket is going to be cut.

Repo rate hike possible
Many experts believe that RBI may increase the repo rate by 35 to 50 basis points. At present the repo rate is 4.90 percent. However, many experts are also warning about increasing the higher interest rate because the demand is very less in the country at this time.

Expensive loans will reduce demand!
If interest rates increase further, there will be a problem in increasing demand and many sectors like auto-housing and consumer durables sector may have to bear the brunt. By the way, many sectors have had to bear the brunt of the increase in inflation. People have reduced spending.

RBI’s challenge
In the figures of retail inflation for the month, the inflation rate has been 7.01 percent. Inflation has remained above 7 percent for the last three months. Let us tell you that if the inflation rate remains above 6 per cent on an average for the next three consecutive months, then the RBI will have to explain in writing to the government why it has failed to keep the inflation rate below 6 per cent. Along with this, RBI will also be asked about the measures to reduce inflation and the time period to bring it below 6 percent.

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