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RBI Policy: RBI’s decision resulted in a hit of Rs 900, here is the calculation of EMI of 30 and 50 lakh home loans

Photo:FILE EMI Rates

The Reserve Bank has given the third major blow to home loan customers in 2022. In an important decision taken on Friday, the Reserve Bank has increased the repo rate by 0.50 percent. This decision of the Reserve Bank will have a direct impact on the pocket. Loans other than home and car loans will now become costlier. Earlier, there was an increase of 50 basis points in May and 40 basis points in June. In such a situation, in the last 3 months after May, the Reserve Bank has increased the repo rate by 1.40 percent.

Know how much home loan rates will increase

Home loan customers were scared before the Reserve Bank’s decision, their fear was proved right when the repo rate was increased by 50 basis points. Now that the Reserve Bank has announced an increase in interest rates, it is now believed that the major banks of the country will also increase the interest rates today or tomorrow. After the last hike, the average home loan rate in the country had come down to close to 8 per cent. In such a situation, now the rates can reach 8.5%. For this calculation, we have taken the help of EMI calculator. Let’s see how much your loan rates will increase

Home Loan EMI

Image Source : FILE

Home Loan EMI

The burden on personal and credit card loans will also increase

The hike in the repo rate will also increase your personal and credit card loan EMIs in the coming days. In fact, banks will also increase the interest rate on their loans. In such a situation, there is no hope of getting relief from anywhere.

Repo Rate

Image Source : FILE

Repo Rate

FD customers will benefit

If you do not have any loan on your head, then you can rejoice as the possibility of hike in fixed deposit rates has increased after the Reserve Bank hike in REPA rates. Almost all banks have increased FD rates since June. At present, banks are giving interest on FDs at the rate of about 5.5 percent. In such a situation, your chances of getting good returns have also increased.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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