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Home Loan EMI Increased: Giving relief, the Reserve Bank of India did not decide to increase the repo rate in the meeting of the Monetary Policy Committee and kept the repo rate unchanged at 6.5 percent. However, since May 2022, there have been eight monetary policy meetings, in which the repo rate has been increased 6 times, due to which the repo rate has increased from 4 percent to 6.5 percent.
If you were paying 6.7 percent interest rate during April 2022, it means that now you have got 9.25 percent interest under EBLR. That is, your interest has increased by 2.5 percent. To understand by example, suppose you have taken a loan of Rs 50 lakh and its tenure is for 20 years, then your monthly EMI will increase from Rs 38,018 to Rs 45,707, which is an increase of 22 percent.
what you need to do?
From home loan EMI to tenure, there are many such things, with the help of which you can reduce the burden of your home loan. Here are some such methods, which you should do to reduce your burden.
Pay off the loan under the old system
If you are paying the loan under MCLR and BPLR, then you do not need to change it. You should not transfer to EBLR as the interest is lower as compared to MCLR and BPLR.
Loan Transfer Option
You should also compare the interest rate on your loan amount with other banks. If you are paying more EMI on home loan, then you can transfer your loan to a place where you have to pay less EMI.
Take advantage of a good credit score
If you have a good credit score, you can request your bank to give you a loan at a lower interest rate. Also, you can get more loan amount.
quick payment option
You can use your investments to reduce or eliminate your home loan. With the amount invested, you can eliminate the growing home loan.
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