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Repo Rate Hike - • How Will RBI's Repo Rate Hike Impact the E...
Repo Rate Hike Again in 2023 | How Repo Rate Increase Affects on Home Loan? | Repo Rate Effect
The Reserve Bank of India (RBI) has increased the repo rate by 35 basis points in its latest monetary policy review. This is the second repo rate hike this year and has left many homeowners wondering about the effects on their home loans. In this video, we will explore how a repo rate increase affects home loans and what homeowners can do to prepare for the impact.
The repo rate is the interest rate at which banks borrow money from the RBI. It is a tool used by the RBI to control inflation and maintain the stability of the economy. When the repo rate increases, borrowing becomes more expensive, and when it decreases, borrowing becomes cheaper.
When the RBI increases the repo rate, banks are required to pay more interest to borrow money from the RBI. As a result, banks raise their lending rates to maintain their profit margins. This increase in lending rates directly affects the interest rate on home loans.
The repo rate hike can have a significant impact on borrowers. Higher interest rates mean that borrowers will have to pay more in interest over the life of the loan, resulting in higher monthly payments. This can make it difficult for homeowners to manage their finances and lead to defaults on loans. To know more Please watch this Informative Video.
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