If you are planning to buy a car or a house then this is the perfect time, EMI is getting reduced from next month: Loan EMI
If you are also planning to buy a house or car, then this time is perfect for you because now the loan EMI is going to reduce.
Loan EMI: Every person wants to have his own house. Apart from this, car has become more of a necessity than a hobby these days. Even if you have a small family, you definitely need a car to travel with you. That's why everyone dreams of buying a house and a car, but only a few people are able to fulfill this dream. One reason for this is that people are not in a position to pay a lump sum. If you are also troubled by this reason, then now is the time to get rid of your problem. Actually, this year the house and car Loan EMI is going to be reduced. know emi What are the possibilities of it decreasing?
Repo rate may be cut
According to experts, RBI may cut the repo rate in the monetary policy of February next month. After this the EMI of home, car and all other loans will reduce. Due to inflation, the Reserve Bank has not cut interest rates for the last two years. Therefore now it is expected that RBI will cut the repo rate. To improve the liquidity position in the banking system, RBI has reduced the Cash Reserve Ratio i.e. CRR from 4.5% to 4%. Now banks will have more money. Due to this, interest rates on home loans and other loans will reduce.
GDP expected to increase
India's economy is expected to make positive progress in 2025. Experts believe that the economy is improving. The improvement is driven by strong festival activity and continued growth in rural demand. However, the country's economic growth fell to a seven-quarter low of 5.4 percent in July-September.
HDFC implemented reduced rates
This year most of the banks are going to reduce the EMI on the loan. Private sector bank HDFC has implemented this reduced loan rate from Tuesday, January 7. Giving relief to loan borrowers, now they will have to pay lower monthly EMI for home loan, personal loan and business loan than before. MCLR has been reduced by five basis points from 9.20 percent to 9.15 percent. Lower MCLR means now the interest on your loan amount will reduce. MCLR is the basic minimum rate for giving any type of loan. Unless the Reserve Bank makes any changes in it, it remains like this.
So, if you are also planning to buy a house or a car or make any other big purchase in the new year, then this time is perfect for you because now the burden of EMI will not fall on your pocket.
