RBI Repo Rate Cut effects on Home Loans as 27 March 2020
RBI cuts repo rate by .75% on 27 march 2020, which falls the interest rates on home loans to 7.15% from current lowest 7.90%.
So we know about the benefits by few examples:
Effect of Repo Rate cut on SBI Home Loan
Currently SBI offer home loans as per 7.90% to 8.45%, if we assume cut of .75% on rates than it will goes to 7.15% to 7.70%.
Example for Home Loan EMI:
| Particulars | New Rates after CUT | ||
| EMI for 1 Lakh for 30 Years | Rs. 727 per Lakh | EMI for 1 Lakh for 30 Years | Rs.675 per Lakh |
| Interest Rates | 7.90% – 8.45% | Interest Rates | 7.15% – 7.70% |
Effect of Repo Rate cut on HDFC Ltd Home Loan
Currently HDFC Ltd offer home loans as per 8.00% to 8.45%, if we assume cut of .75% on rates than it will goes to 7.25% to 7.70%.
Example for Home Loan EMI:
| Particulars | New Rates after CUT | ||
| EMI for 1 Lakh for 30 Years | Rs. 734 per Lakh | EMI for 1 Lakh for 30 Years | Rs.682 per Lakh |
| Interest Rates | 8.00% – 8.45% | Interest Rates | 7.25% – 7.70% |
Effect of Repo Rate cut on ICICI Bank Home Loan
Currently ICICI Bank offer home loans as per 8.25% to 8.70%, if we assume cut of .75% on rates than it will goes to 7.50% to 7.95%.
Example for Home Loan EMI:
| Particulars | New Rates after CUT | ||
| EMI for 1 Lakh for 30 Years | Rs. 751 per Lakh | EMI for 1 Lakh for 30 Years | Rs.699 per Lakh |
| Interest Rates | 8.25% – 8.70% | Interest Rates | 7.50% – 7.95% |
