Key Points
The wait for home loan borrowers to see a fall in interest rate has been pushed further, as the Reserve Bank of India (RBI) did not cut the repo rate..
So, when can home loan borrowers expect the interest rate to fall and how can they make the best of any future rate cut?.
It was double-digit retail inflation that led to a series of repo rate hikes, which compelled banks to raise home loan interest rates..
Borrowers who have home loans under the EBLR (external benchmark linked lending rate) regime will get the quickest benefit of a reduction in home loan interest rate...
If your lender is offering a much lower rate to new borrowers but is not allowing you to switch your home loan to a lower interest rate, you have to start exploring refinance options...
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