I have availed of a home loan so let me share what home loan interest means in simple terms. Home loan interest rates indicate the percentage charged by lenders on the borrowed amount and influence the total cost of the mortgage. Lower rates can lead to reduced repayments over the loan term. The home loan interest starts from 8.40% onwards in SBI and it is quite high. I once asked an official will home loan interest rates go down and learned that it was not going to happen anytime soon.
Will Home Loan Interest Rate Go Down?
The official clearly stated that RBI is expected to maintain the repo rate (a key interest rate set by the central bank, that impacts home loan interest rates, affecting borrowing costs for consumers) at 6.50% until the second quarter of 2024. The EMIs you pay, therefore, might not see any reduction. It is expected that the highest interest rate will continue until the end of March 2024. So in short, the answer to will home loan rate go down is going to be NO. Home loans are directly linked to the bank’s repo rate, which is determined by the RBI. As long as the RBI maintains its current repo rate, banks will not be able to lower or change their interest rate.
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Authors Of The Question
Will Home Loan Interest Rates Go down?
Arpan
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10 months
2023-12-01T08:57:44+00:00 2023-12-01T08:57:44+00:00Comment
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