What Should You Do With The Increase in Home Loan Interest Rate?
June 06, 2022
RBI's monetary policy committee (MPC) hiked benchmark rates by 40 basis points at an emergency meeting in the first week of May. As a consequence, the current repo rate stands at 4.4%. Some banks raised their external benchmark lending rate as a consequence of the rise. Interest rates are expected to climb by over the next two years, according to experts. Borrowers who are already making loan payments would have to raise their EMIs or face a longer repayment period. This will put them under even more strain. If you have a house loan and are unsure how to manage your EMIs here are some tips.