The Reserve Bank of India (RBI) kept the policy rates unchanged in its latest monetary policy review. However, RBI governor Urjit Patel said that there is still scope for the lending rates to come down because the policy rate has come down by 175 basis points (bps), while the weighted average lending rates have come down by 85-90 bps only. Though both the government and the apex bank are nudging the banking industry to reduce interest rates further, banks say it is unlikely that your home loan rates will reduce in the short term.
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