News India Live, Digital Desk: Home Loan EMI Update: Buying a house is everyone’s dream, for which most people resort to home loans. The recent cut in the repo rate of the Reserve Bank of India (RBI) has made it easier for the general public to take home loan. RBI has reduced the repo rate from 6.5 percent to 6.25 percent in the three -day meeting on 7 February 2025. This is the first time in the last two years when RBI has made any change in the repo rate.
The general public will get the direct benefit of this deduction in repo rate as it will reduce the EMI of home loan. The country’s largest bank, State Bank of India (SBI), has predicted the already implemented 9.65% interest rate to 0.25% and expected it to 9.40%.
Know how much will be your EMI payment on new interest rates:
- Home loan of Rs 25 lakh (20 years):
- Old EMI (9.65%): ₹ 23,549 per month
- New EMI (9.40%): ₹ 23,140 per month
- Total savings: ₹ 409 per month
- Home loan of Rs 40 lakh (20 years):
- Old EMI (9.65%): ₹ 37,678 per month
- New EMI (9.40%): ₹ 37,024 per month
- Total savings: ₹ 654 per month
- Home loan of Rs 50 lakh (20 years):
- Old EMI (9.65%): ₹ 47,097 per month
- New EMI (9.40%): ₹ 46,281 per month
- Total savings: ₹ 816 per month
This deduction will not only reduce the EMI amount but will also be able to fulfill the dream of buying a house for the middle class.
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