Relief from fast rising Home-Car loan EMIs! After controlling GDP figures and inflation, RBI can take this decision Relief from fast rising Home-Car loan EMIs! RBI can take this decision after controlling GD

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 Relief from fast rising Home-Car loan EMIs!  After controlling GDP figures and inflation, RBI can take this decision Relief from fast rising Home-Car loan EMIs!  RBI can take this decision after controlling GD


Photo:FILE Home Loan Repo Rate

Highlights

  • Many banks made home and car loans costlier in a month
  • GDP growth lower than RBI’s estimate
  • Efforts to increase demand in festive season

Reserve Bank of India (RBI) three times in a row by Repo Rate Banks have sharply increased the interest rate on home-car loans after the hike in Rs. it on people EMI burden has increased. in a month SBI, ICICI Bank, Bank of Baroda, Canara Bank And PNB Has made home and car loans costlier. However, in the coming days, a sharp increase in the interest rate on home-car loans can provide relief. In fact, after the GDP figures are not in line with the RBI’s estimates and there is a slight control on inflation, the RBI may relax the tough stance on the increase in the repo rate. Economists believe that in the monetary review to be held on September 30, the repo rate may increase by 25 basis points instead of 35 basis points. At the same time, some experts say that the RBI may not increase the interest rate to boost the sentiment during the festivals.

GDP growth less than RBI’s estimate

India’s GDP grew by 13.5 per cent during the first quarter compared to a year ago, lower than the RBI’s estimate of 16.2%. For FY23, RBI has projected economic growth at 7.2%. Financial experts say that now inflation will gradually come down. Although, it will remain higher than the target of RBI for now but still it will be news of relief. In view of this, the repo rate will see less increase than 50 bps in the last two monetary policies.

Efforts to increase demand in festive season

Experts say that in the festive season, banks can bring many offers from their side. This can include cheaper interest rates, including waiver of processing fees on home-car loans. This will help in increasing the demand in the market. Along with this, RBI’s goal of accelerating the pace of GDP will also help.

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