Home Loan EMI To Be Costly: After the decision of RBI to increase the repo rate, banks have started making loans expensive. And the biggest brunt of the costly loan will have to be borne by those people who have bought their house in recent times by taking home loan from bank or housing finance company. RBI has decided to increase the repo rate by 40 basis points, which has now become 4.40 percent.
To woo new customers, the bank or housing finance company should not increase the interest much, but the EMI of old home loan borrowers is sure to be expensive. Let’s see how much it will affect your pocket.
1. Home Loan of Rs.20 Lakh
Suppose you have taken a home loan of Rs 20 lakh for 20 years at 6.85 per cent interest rate, then at present you have to pay an EMI of Rs 15,236. But after the increase in the repo rate, the new rate will become 7.25 percent, after which you will have to pay an EMI of Rs 15,808. That is, Rs 572 more every month and an additional load of Rs 6,864 in the whole year.
2. Home loan of Rs 40 lakh
If you have taken a home loan of Rs 40 lakh at 6.95 per cent interest rate for 15 years, then you currently have to pay an EMI of Rs 35,841. But after increasing the repo rate, the interest rate will increase to 7.35 percent, after which you will have to pay an EMI of Rs 36,740. That means Rs 899 more every month. And if you add it in the whole year, then you will have to pay more EMI by Rs 10,788.
3. 60 lakh home loan
If you take a home loan of Rs 60 lakh, the bank charges a higher interest rate on it. That is, if you have taken a home loan of Rs 60 lakh for 20 years at 7.25% interest rate, then you have to pay an EMI of Rs 47,423. But after the increase in the RBI repo rate, the interest rate will be 7.65 percent, after which an EMI of Rs 48,887 will have to be paid. That is, every month you will have to pay more EMI by Rs 1464 and in a year you will have to pay Rs 17,568 more.
More expensive EMI
RBI has increased the repo rate by 40 basis points at present. But according to the experts, the process of its growth is not going to stop here. The Russia-Ukraine war is not over yet. Inflation is increasing, in such a situation, RBI may decide to increase the repo rate further in the coming days, after which your EMI may become more expensive.
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