With RBI maintaining status quo, home loan interests are likely to remain unchanged, bringing some relief for those paying home loan EMIs.
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RBI MPC Meeting December 2023: The Reserve Bank of India (RBI) on Friday, December 8, kept repo rate unchanged, maintaining status quo on the previous policy. Experts said the RBI’s latest decision is a positive development for the housing market, as it will ensure EMI stability for borrowers.
Apart from the repo rate, the RBI MPC has also decided unanimously to keep the Standing Deposit Facility unchanged at 6.25 per cent and the Marginal Standing Facility rate and the Bank Rate at 6.75 per cent.
With RBI maintaining status quo, home loan interests are likely to remain unchanged, bringing slight relief for those paying home loan EMIs.
Home Loan Rates
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Reacting to RBI’s decision, Mohit Jain, Managing Director, Krisumi Corporation, said, “The Reserve Bank of India’s wise decision to maintain interest rates aims to tame inflation within its targeted range. This translates to a welcome pause in the upward trajectory of bank-offered home loan rates, thereby ensuring EMI stability for borrowers.”
He said this positive development bodes well for the housing market, as it fuels continued momentum in sales across various property segments, including affordable, mid-range, and luxury housing throughout various regions for the foreseeable future.
Pradeep Aggarwal, founder and chairman of Signature Global (India) Ltd, said, “The RBI decision to pause the repo rate hike is a positive development for both borrowers and real estate developers. The stable borrowing rates will be advantageous for potential homebuyers, fostering increased demand.”
He said this uptick in demand is expected to catalyse growth in the real estate sector, ultimately making a valuable contribution to the country’s GDP.
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With the repo rate remaining unchanged, the lending rate for banks remains unaffected. If the repo rate increases, banks have to pay more to borrow money from RBI. Hence, they further increase interest rates on loans.
