EMI Calculator: by Reserve Bank of India hike in repo rate (RBI Hike Repo Rate) has been done. RBI Governor Shaktikanta Das announced the credit policy of RBI in a press conference today. RBI in repo rate 50 bps point or 0.50 percent increase. Due to this, now common people will have to face EMI hike. Due to the cheapness of home loans in the Corona era, many people bought a home on a home loan to fulfill their dream of building a house. But, now their EMI is going to increase because RBI has increased the repo rate. The burden of EMI will increase on the common man who is already facing rising inflation. ,utility news in marathi,
Consumers trapped in cheap home loans
Millions of people across the country bought new homes with cheap home loans during the Corona period. But, now many people are stuck in this EMI hike cycle after RBI hiked the repo rate. To give an example in this regard, during the Corona period i.e. in 2020, a customer taking a home loan of Rs 25 lakh took a loan repayment period of 20 years. For this, the bank charged 6.70 percent interest from this customer. The customer concerned had to pay a monthly installment of Rs 22,053. In 15 years, he had to repay the principal amount of Rs 25 lakh. An interest of Rs 14,69,629 was to be paid on this principal. That is, in 180 months, the concerned customer had to pay Rs 39,69,629 to the bank. But, now it is going to increase.
EMI is same but…
After the increase in the repo rate, the EMI of home loan customers is now the same. However, its duration has increased. Therefore, the financial budget of such customers will be shattered. Home loan customers will have a monthly installment of Rs 22053 only. But, his home loan was to be completed in 15 years i.e. 181 EMIs, which has increased to 18 years i.e. 216 months. After the increase in the repo rate, now the concerned customers will have to pay 234 EMIs. An interest of Rs 14,69,629 had to be paid on a home loan of Rs 25 lakh, but now interest of Rs 26,79,772 has to be paid. Earlier, Rs 39,69,629 had to be paid in 18 months, now Rs 51,79,772 will have to be paid in 234 months. That is, after the increase in the repo rate, an additional interest of Rs 12.10 lakh will have to be paid. All this means that the EMI amount of the home loan customers has not increased, but they will have to pay more EMI for the first three years.
Five times hike in repo rate
In the last five months of 2022-23, the RBI has hiked the repo rate four times in a row to make borrowing more expensive. In order to reduce the rising inflation, the Reserve Bank is giving the reason for increasing the repo rate. But, it is affecting the borrowers. After the hike in the repo rate, government companies as well as finance companies have increased their interest rates. That’s why home loans are on the rise.
RBI’s decision added to the difficulties
Those who have bought houses in the last two years are now facing difficulties due to the hike in the repo rate by the RBI. Because two years ago, banks gave loans at 6.70 percent to 7.25 percent interest while buying a house. But, now due to the increase in the repo rate, the same has increased from 8.10 to 8.65 percent.
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