Relief in repo rate for five years: How much will EMI of 20 to 50 lakh home loans decrease? See calculation

RBI repo rate effects: The Reserve Bank of India has cut the repo rate by 25 basis points after about five years. Earlier, RBI had reduced the repo rate in 2020 during the Kovid epidemic. Since then the repo rate remains stable at 6.50 percent with a continuous increase. The fixed repo rate has come down from 6.50 percent to 6.25 percent in the last two years under the leadership of the new Governor Sanjay Malhotra. Repo rate cuts have brought great relief to the borrowers. This will also increase savings, especially in the pockets of home loan holders.

With the announcement of the RBI reduction in repo rate, the stock market turned up. The Sensex declined by 300 points. The Nifty also broke the level of 23500 to 23492. However, the market later jumped.

So much savings on different loans

If you You have taken a home loan of Rs 20 lakh and the interest rate on it is 8.25% and the duration is 20 years. So now EMI will be Rs 17356 per month, with a deduction of 25 basis points to pay 8.25 percent interest on the loan. So now Rs. 17041 EMI will have to be paid. This means 100 rupees every month. This will save Rs 315.

If you If you take a loan of Rs 30 lakh at 8.50% for 20 years, then you will get 1000 rupees per month. 26035 rupees will have to be repaid in EMI. But now it has become Rs 100 per month with a cut of 25 basis points. 25562 EMI will have to be paid. So every month Rs. This will save Rs 473.

If you If you take a home loan of Rs 50 lakh at 8.50% for 20 years, then you will get 1000 rupees per month. Instead of Rs. 43391. 42603 will have to be repaid in EMI. So every month Rs. This will save Rs 788.

Rupee. 50 lakh rupees per year on loan. 9500 savings

SBI will soon reduce interest rates

Meanwhile, SBI Managing Director Ashwini Kumar said that soon people will get a gift to cut repo rate as a reduction in EMI. Those taking home loans from SBI will soon get news of reduction in EMI from the bank.