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Home Loan Interest Rate: The repo rate of the Reserve Bank of India has been increased for the sixth time in this financial year 2022-23. On Wednesday, the central bank has increased the rate by 0.25 percent to 6.5 percent. From May 2022 to February 2023, the repo rate has increased by 2.5 percent. In such a situation, the burden of monthly installment has increased on the people who have taken home loan, personal loan or car loan from the bank.
Now once again the bank loan interest is set to increase. If you have also taken a home loan, then your monthly home loan EMIs will increase or the home loan tenure will increase. In such a situation, the biggest question will be that what should the home loan borrowers do? Let’s know.
What should the borrower do
You can increase the EMI up to 5% once a year to repay the loan amount at the earliest by reducing your wasteful expenditure. This will reduce the tenure of your loan and soon your loan will end.
By increasing the loan EMI, a loan of 20 years can be repaid in 10 years as well. Experts believe that it would be prudent to repay the loan in the long run, as RBI may reduce the repo rate in the coming times. In this case, you can increase your tenure by reducing the EMI.
On the other hand, if you had taken a loan on the tenure of 20 years and it has increased to 25 years, then it is necessary that you can repay some percentage of the loan amount to reduce the tenure of your loan. This will not affect the EMI of the loan as well and the tenure will also be the same.
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