With the Reserve Bank of India (RBI) reducing the
repo rate by 0.25% points to 7.25 %, housing finance companies & banks are
likely to reduce the housing loan lending rates in the coming weeks.
SBI took the lead to cut its base rate by 0.15%
and its revised base rate would be 9.70%.
A reduction in 0.25% lending rate for a Rs. 1
crore housing loan would make EMI cheaper by Rs. 1,600-Rs. 1,700 with a
cumulative interest savings potential of nearly Rs. 4 lakh for a loan with 20
year repayment period.
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