RBI New Home Loan Rules: Do you also want to take a home loan to build a house? So through this post, let us tell you that this new rule of home loan has been issued by the Reserve Bank of India. Under this, the customer has got a lot of relief. Yes, we will discuss how much savings will be made on a loan of 20 lakh and 50 lakh rupees for 20 years.
So we want to tell you that if you all want to know about RBI New Home Loan Rules in detail. So stay on this post till the end. And get good information about the new rule issued by the Reserve Bank of India.
economic development will gain momentum
Under RBI New Home Loan Rules, we want to tell you that on this decision of CEO Agarwal, we said that there was full expectation of a reduction of 25 basis points in the monetary policy meeting and it has been fulfilled by RBI. The reason for this decision is to support GDP growth. At the same time, to overcome the shortage of liquid and control inflation.
The CEO of bankbazaar.com, whose name is Adhil Shetty, told ETV Bureau that this was the first monetary policy committee meeting in which a decision has been taken. Under which the interest rate of home loans, auto loans, and business loans is expected to decrease, due to which taking loans will become much cheaper see the information below.
How will home loan EMI be affected?
RBI’s New Home Loan Regulations Alright, now let me explain. Following the 0.25% interest rate drop, the house loan customer will have two choices: either shorten the loan time, which will result in the loan being finished sooner, or lower the EMI.
How much will be the saving on a home loan of Rs 20 lakh?
Now, under the RBI New Home Loan Rules, if we want to explain to you how much money can be saved on taking a home loan of Rs 20 lakh, then let us tell you if you have already taken a loan of Rs 30 lakh for 20 years.
Now if the interest rate is decreased from 9% to 8.5%, its EMI would be brought down from rupees 26,992 to 2651 rupees. There will be a saving of about Rs 441 every month and there will be a reduction in EMI by 1.78%.
You will save Rs 4.4 lakh on a loan of Rs 50 lakh
Under the RBI New Home Loan Rules, we want to tell you that if a loan of Rs. 50 lakh was taken for 20 years at a 9% interest rate, then after a deduction of 25 basis points, the interest rate will become 8.75%, then the EMI will go to the home due to which the customer is going to save a total of Rs. 4.4 lakh and the loan will be over almost 10 months earlier.
What should customers do?
We would like to tell you that all home loan customers should contact the bank and get the details about when and how much the new interest rate will be applicable they can reduce the EMI by reducing the monthly installment, whereas those who want to repay the loan early will be able to reduce the loan by maintaining the EMI.