There is good news for people going to take home loans to buy a house. The interest of the home loan will fall to less than 7.75 percent. Now only a few hours are waiting. The Reserve Bank of India (RBI) is going to announce a decrease in interest rate on the morning of 6 June. It is expected that the central bank will reduce the repo rate by 0.25 per cent. This will reduce the repo rate to 5.75 percent. Right now the repo rate is 6 percent. This year the RBI has reduced the repo rate twice. He can reduce the repo rate by 25 basis points on 6 June for the third time.
Interest rates of home loan of these banks between 7.75 to 7.9 percent
The interest rates of home loans of many public sector banks are currently between 7.75 and 7.9 percent. If Rbi If the repo rate reduces the repo rate on Friday (June 6), the interest rates of these banks will fall below 7.75 percent. In these banks UCO Bank, Union Bank of India, Canara bank, Indian bank And Bank of india Are included. Banks decrease the interest rate of home loan and car loans when the RBI repo rate is reduced. However, they also reduce interest on fixed deposits.
RBI will announce Monetary Policy on 6 June
The three -day meeting of RBI’s Monetary Policy Committee (MPC) has started on 4 June. Its results will be announced by RBI Governor Sanjay Malhotra at 10 am on June 6. Economists have hoped a shortage of 25 basis points in the repo rate. He believes that retail inflation has been less than 4 per cent target for the last few months. Meanwhile, the focus of the central bank has increased on economic growth. In such a situation, the repo rate is more likely to decrease on June 6.
This year, for the first time this year, RBI reduced the rate in February
The Economic Research Department of State Bank of India has predicted a shortage of 50 basis points in the repo rate on 6 June. After many years, in February this year, RBI had reduced the repo rate for the first time by 25 basis points. Then, he had reduced the repo rate 25 basis points. Due to this, the repo rate which was at 6.5 per cent earlier this year has now come down to 6 per cent. Government and private banks have reduced the interest rates of home loans and car loans after repo rates.
ALSO READ: Gold Rate Today: Gold is coming to a big fall, prices will come below Rs 85000 in 60 days
RBI may continue the rate of rate reduction this year
Some private banks have not reduced interest rates. According to Bankbazar, Axis Bank and ICICI Bank have not reduced the interest rates of home loans. However, these banks are also expected to reduce interest rates. According to Bankbazar.com, the interest rate on a 20 -year home loan of Rs 1 crore is between 7.75 and 9.35 per cent. Experts say that this year the process of decrease in interest rates may continue.