The Reserve Bank of India increased the repo rate for the sixth consecutive time on Wednesday.
RBI did 25 basis points in the Repo rate on Wednesday. Now the new repo rate has reached 6.50 percent.
Let us tell you that by increasing the repo rate by RBI, now the home loan EMI (EMI) will become more expensive.
Soon all public-private banks and housing finance companies will increase the interest rates of home loans.
Let us know that if you have also taken a home loan, then by how much will your home loan EMI increase?
Amount: Rs 20 lakh Period: 20 years Existing interest rate: 8.60% Existing EMI: 21,854 New interest rate: 8.85% New EMI: 22,253
Amount: 40 Lakh Period: 20 years Existing interest rate: 6.6% Existing EMI: 30,060 New interest rate: 9% New EMI: 35,989
Amount: 50 Lakh Period: 20 years Existing interest rate: 6.6% Existing EMI: 37,575 New interest rate: 8.85% New EMI: 44,986
This time the RBI increased the repo rate for the sixth time in a row, increasing the total by 225 basis points in a year.
Let us tell you that due to the increase in the repo rate, the maximum loss is caused to middle-class people.