Existing borrowers’ EMIs will change only when their reset date arrives. New borrowers will benefit
After RBI’s 25-basis-point (bps) rate cut, home loan rates are expected to come down. This is the third consecutive cut.
Many banks have already fixed their benchmark rate – the marginal cost of funds-based lending rate (MCLR) – for the month, so revision of rates may happen only in July.
If possible, new borrowers should wait until the start of July to see if banks reduce rates.
Older borrowers will see a change in their equated monthly in.....