Key Points
However, 2024 has come with new hope and there is a likelihood of an interest rate reduction estimated to be in the range of 0.5% to 1.25%..
While existing home loan borrowers are likely to benefit from these rate cuts there are many other steps that you can take to gain more from falling interest rates in 2024..
As the conservative estimate of repo rate fall is around 50% for the year 2024, therefore, EBLR home loan borrowers may witness a similar reduction in their home loan interest rate, however other borrowers under MCLR, Base Rate and BPLR may witness a lower reduction..
"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..
However, you need to be sure that the next bank is willing to offer competitive rates in your specific case.. If you have taken a loan from a non-bank lender, who is charging a higher interest rate than other lenders, and is not allowing you to switch to a lower rate, then you may consider refinancing your home loan from another bank or a non-bank lender which is offering a competitive rates...
