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

<ul><li>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.</li></ul>

A small increase in EMIs can cost you a bomb across the loan tenor

A marginal increase in the equated monthly instalment (EMI) as a result of 25 basis points increase will lead to an additional financial burden of  <span class='webrupee'>₹</span>1.84 lakh. Read further to know more on this here.

Should you switch your home loan to another bank?

The lowest home loan rates are at a premium of around 240-250 basis points over the repo rate. You should ideally not pay more than this if you have a good credit score, stable income, and good repayment record. 

Prepaying your home loan has several benefits. Details here

Finishing a home loan early may seem tedious at first but has a lasting impact as it saves much on the interest outgo while reducing the overall loan tenure too.

These banks raise home loan interest rates after RBI's 50 basis points repo rate hike

Several commercial banks have raised their lending rates after the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points (bps) for the third consecutive time. Here we have listed the banks that raised home loan interest rates

Try not to outstrip your budget while taking a home loan. Here is why

It is very important for the home buyer to stick with the budget as well as keep some room for increase in interest rate in respect to home EMI as well as loan term.

5 banks offering lowest home loan interest rates in India

Home loans plays a big part in one’s decision making process as to which lender to borrow from. We have listed five banks that offer lowest home loan interest rates

How to ensure that surging EMIs don’t spoil your monthly budget

Try to renegotiate the loan, or port it to another lender for a better deal; and avoid discontinuing your SIPs

Home loans are getting costlier. Should you go for higher EMIs or increased tenure? We asked 3 financial planners

The repo rate hike means that you will have to now pay more interest. However, many borrowers are in a dilemma while choosing between higher EMIs and longer loan tenure. Though paying more interest upfront helps, it all depends on how borrowers view the liability and their ability to repay it.

Will buying a house early in life hurt your savings? Here's the math

Wealth attracts wealth. You must first work for money and then let the money works for you. This is the fundamental rule of financial independence that many miss out on while planning their investments. 

Wealth attracts wealth. You must first work for money and then let the money works for you. This is the fundamental rule of financial independence that many miss out on while planning their investments.&nbsp;

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

personal finance

personal finance

personal finance