Home Loan EMI Calculator: EMI will be more expensive in the new year, RBI’s shock, know how expensive EMI has become!

Home Loan EMI Calculator: In the new year 2023 (New Yewar 2023), your EMI is going to be more expensive. RBI has again decided to increase the repo rate. RBI has announced an increase in the repo rate by 0.35 percent on the last day of the Monetary Policy Committee meeting. Earlier, RBI has already increased the repo rate by 1.90 percent in four monetary policy meetings. That is, in 8 months, RBI has increased the repo rate from 4 percent to 6.25 percent.

Effect of increasing the repo rate of RBI

After this decision of RBI, from government to private banks and housing finance companies will increase the interest rates of home loans, after which your EMI will become expensive. There will be an increase of 0.35 percent in the existing home loan interest rates as the interest rates on repo rate linked home loans will increase. Let us tell you how expensive your EMI will become.

How much did the EMI increase on a home loan of Rs 20 lakh?

Suppose you had to pay an EMI of Rs 21,538 for a home loan of Rs 25 lakh from the country’s largest bank SBI for 20 years at the current rate of interest of 8.40 per cent. But after an increase of 35 basis points in the repo rate, the interest rate will increase to 8.75 percent, on which the EMI will have to be paid at Rs 22,093. That means your EMI will become costlier by Rs 555 and you will have to pay Rs 6,660 more EMI in the whole year.

EMI increased on home loan of Rs 40 lakh

If you have taken a home loan of Rs 40 lakh for 20 years, on which you are currently paying interest at the rate of 8.40 per cent, on which currently you have to pay an EMI of Rs 34,460. But after increasing the repo rate, now you will have to pay interest at the rate of 8.75 percent, on which an EMI of Rs 35,348 will have to be paid. That means every month Rs 88 more and in one year the burden of Rs 10,656 on your pocket is going to increase.

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EMI increased on home loan of 50 lakhs

If you have taken a home loan of Rs 50 lakh for 15 years, which currently has an interest rate of 8.40 per cent and has to pay an EMI of Rs 48,944. But after increasing the repo rate of RBI, the interest rate will increase to 8.70 percent, on which EMI of Rs 49,972 will have to be paid. Now every month Rs 1028 more EMI will have to be paid.

Relief from expensive EMI is also expected

However, it is believed that the process of increase in interest rates can stop here. Why RBI Governor Shaktikanta Das has said that retail inflation will come down. He has set a target of bringing the inflation rate up to 4 percent. If this happens, there may be a reduction in EMI in the coming months.

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RBI Monetary Policy: RBI increased repo rate by 0.35% to 6.25%, shock to common man, EMI will increase