Home loan: After cutting the repo rate by 135 basis points in the calendar year 2019, the Reserve Bank of India (RBI) has kept the repo rate unchanged in its last monetary policy meeting for the year. However, saving money on home loans may still be a reality for the borrowers. Those borrowers who have home loans linked to a bank’s MCLR may still see a lower EMI at least in the near future. Sample this: SBI’s MCLR last year this time was 8.5 per cent and when the reset date comes up in December 2019, the MCLR for SBI is already down to 8 per cent now. Home loan EMIs will come down for those whose reset-period comes up in the months ahead. If your bank is not reducing the EMIs, it would have reduced the tenure instead. The net impact is on lower interest burden on your loan.
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