{"id":9858,"date":"2023-08-28T13:27:49","date_gmt":"2023-08-28T13:27:49","guid":{"rendered":"\/blog\/?p=9858"},"modified":"2024-07-23T13:42:25","modified_gmt":"2024-07-23T08:12:25","slug":"changes-in-home-loan-interest-rates-after-coronavirus","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/changes-in-home-loan-interest-rates-after-coronavirus\/","title":{"rendered":"Changes in Home Loan Interest Rates After Coronavirus"},"content":{"rendered":"\n<p>Covid-19 has adversely impacted\nthe world economy, throwing millions out of employment, destroying businesses,\nsinking people deep into debt and hampering the growth of several countries.<\/p>\n\n\n\n<p>As the economy races towards recession, the Indian government, too, has taken several steps to promote a fast recovery. Both the Reserve Bank of India and the Finance Ministry have announced loan relief packages, moratorium period extensions, exemptions from EMIs etc. for existing borrowers. Like other borrowers, people who have availed or are planning to avail of&nbsp;home loans&nbsp;can expect some changes in the interest rates or EMI payments.<\/p>\n\n\n\n<p><strong>RBI\nRepo Rate Cuts<\/strong><\/p>\n\n\n\n<p>To put the economy back on track\nand induce some liquidity in the market, the Reserve Bank of India recently\nmade cuts to its repo rate. The repo rate, as declared by the apex bank in\nMarch, now stands at 4.4%, while the reserve repo rate is at 4%.<\/p>\n\n\n\n<p>For&nbsp;housing loan&nbsp;borrowers, this slash in repo rates may prove to be a huge relief, as EMI amounts for&nbsp;buying a house are most likely to reduce with this cut. For prospective borrowers, too, the repo rate cut is happy news, since home loans will expectedly become cheaper.<\/p>\n\n\n\n<p><strong>Additional Read<\/strong> &#8211; <a href=\"https:\/\/tata-blog.osian.dev\/blog\/government-regulations\/rbi-cuts-repo-rate-by-75-bps-to-4-40-to-fight-covid-19\/\">RBI Cuts Repo Rate by 75 bps to 4.40% to Fight Covid-19<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">Home loan interest rates<\/a> might also change for existing borrowers in the following manner.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For loans linked to external benchmarks like repo rates and treasury bills, EMI\u2019s are expected to lower. Since RBI requires banks to review and reset home loan rates once every three months, housing loan borrowers can expect their EMI\u2019s to come down for the next three months.<\/li>\n\n\n\n<li>Loans linked to \u2018Marginal Cost of Funds Based Lending Rate (MCLR)\u2019 may or may not be affected by the repo rate cuts that RBI has announced. This is because MCLRs depend on both RBI\u2019s repo cuts and internal decisions of the bank. The reset period for these loans is six months, which means that borrowers can expect a lowering of EMI only after their banks make changes to their rates.<\/li>\n\n\n\n<li>For home loans linked to the benchmark prime lending rate, the interest will most likely remain the same. Such borrowers should consider shifting to an external benchmark rate home loan.<\/li>\n<\/ul>\n\n\n\n<p>All these future changes in home loan rates should promote more investment in the real estate market and revive the economy while fulfilling your dream of&nbsp;buying a&nbsp;house. If you are looking for&nbsp;easy home loans,&nbsp;apply for home loans with Tata Capital. We also offer home loans online, and our website includes a&nbsp;home loan EMI calculator to help you optimize your monthly repayment instalments.<\/p>\n\n\n\n<p>At Tata Capital, we believe in being extremely transparent with our customers. Our&nbsp;home loan calculator&nbsp;will help you realize how much debt you need. You can also determine your&nbsp;home loan eligibility&nbsp;using our&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/home-loan-eligibility-calculator.html\">home loan eligibility calculator<\/a>&nbsp;or by referring to the FAQ section on our website.&nbsp;<\/p>\n\n\n\n<p>If you are looking for easy, affordable, and hassle-free <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan<\/a> online or offline with minimal <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/document-required.html\">required documentation<\/a>, get in touch with us today.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply for a Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Covid-19 has adversely impacted the world economy, throwing millions out of employment, destroying businesses, sinking people deep into debt and hampering the growth of several countries. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/changes-in-home-loan-interest-rates-after-coronavirus\/\n\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":9859,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-9858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Would it Affect Home Loan Interest Rates After Coronavirus<\/title>\n<meta name=\"description\" content=\"RBI made cuts in the repo rate to induce liquidity from the market. 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