scorecardresearchRBI Monetary Policy: Your home loan EMI is set to get costlier as RBI increases interest rates further

RBI Monetary Policy: Your home loan EMI is set to get costlier as RBI increases interest rates further

Updated: 30 Sep 2022, 11:01 AM IST
TL;DR.
  • RBI Monetary Policy: Banks base their home loan interest rates on RBI's benchmark rates. When the RBI increases interest rates, banks also reset the interest rates. In today's update, since the RBI has revised the rates upwards, banks are likely to raise interest rates further, especially home loans.
A home loan is a loan used to fund the purchase for a new home whereas a loan against property is an amount borrowed by using an existing property as security.

A home loan is a loan used to fund the purchase for a new home whereas a loan against property is an amount borrowed by using an existing property as security.