Mumbai: Home loan EMIS are set to rise, with Reserve Bank of India governor Shaktikanta Das announcing an increase of 50 basis points (half a percentage point) in the repo rate the second hike in just over a month. The RBI's six-member monetary policy committee voted unanimously on Wednesday to raise the repo rate the rate at which RBI lends to banks -to 4.9% in a bid to tame the rising inflation.
RBI's action will automatically push up the cost of mortgages as over 90% of new home loans from banks are linked to repo rate. With this increase, the EMI on a Rs 1 crore, 20-year home loan would rise by Rs 3,029 from Rs 77,530 to Rs 80,559. Taken together with the May 4 hike, consumers are looking at a 90 bps increase in 35 days, a total increase of Rs 5,500 per month on such a loan.
Diese Geschichte stammt aus der June 09, 2022-Ausgabe von The Times of India Mumbai.
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Diese Geschichte stammt aus der June 09, 2022-Ausgabe von The Times of India Mumbai.
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