How RBI policy outcome will impact home loan borrowers explained
Shaktikanta Das said. “The concept entails putting in place a clear method for resetting the rate of interest on loans of this kind. The Governor of the Reserve Bank of India has highlighted this plan, emphasising the necessity for an easier and more organised approach regarding interest rate changes," said LC Mittal, Director, Motia Group.
The framework that has been suggested is intended to give borrowers with variable rates of interest loans with a more apparent less unpredictable process for resetting interest rates. It would improve openness about interest rate computations and allow borrowers to transition from fluctuating to fixed rates, providing stability and security against future volatility. This approach is consistent with the RBI's commitment to maintaining a stable lending environment, he added.
As widely anticipated, the RBI has decided to keep the repo rates unchanged at 6.5%. "This is nothing but good news for aspiring homebuyers on the market for purchase in the near future. The unchanged repo rate will help maintain the momentum in housing sales - particularly in the mid and luxury segments, which did significantly well in H1 2023," said Anuj Puri, Chairman - ANAROCK Group.
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