RBI bank Repo Rate 2025

-

 RBI finally cuts interest rates! How much EMI will be reduced on 20,30 and 50 Lakh home loans?

RBI slashes repo Rate : The first Monetary Policy Committee, chaired by Sanjay Malhotra, has planned to cut the interest rate by a whopping 0.25 percent. How much will be your EMI reduced?



RBI Cuts Repo Rate The Modi government had given good news to the middle class by making income up to Rs 12 lakh tax-free. The Reserve Bank of India has taken a decision to add some extra joy to this joy. The Reserve Bank has given a big gift to the borrowers. The decision taken in the meeting of the RBI's Monetary Policy Committee was announced by the c The committee has decided to reduce the repo rate by one-fourth. The RBI reporter said that after this decision of the bank, the way will be cleared for banks to reduce interest rates on home loans, car loans, educational loans, corporate loans and personal loans. Earlier in May 2020, when the country was locked down due to the Corona pandemic, the RBI had decided to reduce interest rates.

How much EMI will be reduced on 20,30 and 50 Lakh home loans?

What will be the EMI after 25 basis points reduction?

If someone has taken a home loan of Rs 20 lakh and the interest on the loan is in 8.5% and the tenure of this loan is for 20 years, then the MI will be Rs 17,356. Now RBI has made reduction of 25 basic point or 0.25% interest. In such a situation, the interest rate of the loan will be 8.25 percent. On this basis, on your loan of Rs 20 lakh, you will only pay Rs 17,041 per month, which is less of  Rs 315 per month. Although it may seem small, but 20 year tenure is the long  so you shave more.

In another example, if someone had taken a home loan of Rs 30 lakh for 20 years at an interest rate of 8.50% percent, he would have to pay Rs 26035 per month EMI. Today, after this decision, the monthly EMI amount would be Rs 25562 per month, so your monthly saving would be Rs 473.

If someone has taken a home  loan of Rs 50 lakh for 20 years at a 8.50% interest, then he will have to pay an EMI of Rs 43,341 per month, but RBI has reduced the charger by 25 basic point, in this case monthly EMI will be Rs 42,603, that is, there will be a saving of Rs 788 per month.

In nearly in 5 year Home loan interest are reduced.

The Monetary Policy Committee (MPC) meetings were held between February 5 and 7 under the chairmanship of new governor Sanjay Malhotra. MPC declared that there will be reduction of Repo rate by 0.25 %. Due to design made by RBI to bank will get loan from RBI with reduced interest rate.

So in coming days Bank will also reduce interest rate for their existing and new loan takers. Earlier repo rat
Location: Maharashtra, India

Comments

Post a Comment

Post office Saving Schemes - Secure Government Investment

Mahila samman saving scheme post office

-
Image
Mahila samman saving scheme post office   2023  (MSSC) Mahila Samman Saving Certificate is new scheme launch by Modi government specifically targeting for Women and girls   for small saving. It was launch by Union Finance Minister, Smt. Nirmala Sitharaman   in her 2023-24 Budget speech. The Mahila Samman Savings Certificate scheme was announced to commemorate the Azadi ka Amrit Mahotsav.  The Mahila Samman Savings Certificate is a one-time scheme available for two years, from April 2023-March 2025. This scheme is having heights return in short term 2 year only no other such scheme available in market or in post office itself. It will offer a maximum deposit facility of up to Rs.2 lakh in the name of women or girls for two years at a fixed interest rate.  Features of Mahila Samman Savings Certificate as below Feature of this MSSC scheme – 1.        Scheme backed by the government. Hence, it does not have any c...
Read more

Postal Life Insurance (PLI)

-
Image
Postal Life Assurance or  Postal Life Insurance -   The inception of Postal Life Assurance (PLA) dates back to the 1st of February in 1884. It emerged as a benevolent endeavor aimed at the welfare of postal staff and subsequently extended its protective embrace to employees of the Telegraph Department in 1888. In a noteworthy stride, in 1894, PLA pioneered insurance coverage for female employees within the then P & T Department, an unprecedented feat at a time when no other insurance entity ventured to safeguard women's lives. This establishment bears the distinction of being the most ancient life insurance provider within our nation. The annals of time have witnessed PLA's impressive evolution, transforming from a mere handful of policies in 1884 to a staggering tally of over 50 Lacs policies as of the 31st of March, 2021. Presently, it extends its protective canopy over personnel from various sectors, encompassing Central & State Governments, Defense and Para-Mil...
Read more

Post Office Fixed Deposit

-
Image
  Post Office Time Deposit Account (Fixed Deposit) post office term deposit interest rate   Introduction The Post Office Time Deposit Account, also known as the Fixed Deposit, and the National Savings Time Deposit Account (TD) are investment options that allow individuals to save money for a specific period while earning assured returns. These accounts provide a secure and reliable avenue for individuals to grow their savings with the backing of the Government of India. Account Tenure and Interest Rates The Time Deposit Accounts offer different tenures, ranging from 1 year to 5 years, with corresponding interest rates. Currently, the interest rates stand at 6.9% for a 1-year account, 7% for a 2-year account, 7% for a 3-year account, and 7.5% for a 5-year account. Account Tenure Applicable Interest Rate 1 Year 6.9% 2 Year 7% 3 Year 7% 5 Year 7.5%   ...
Read more

Buying and Renting a Flat: A Lucrative Real Estate Investment

-
Image
Buying and Renting a Flat: A Lucrative Real Estate Investment   Introduction to Buying and Renting a Flat as an Investment Investing in flats can be a profitable venture, providing both passive income and long-term wealth accumulation.   To be honest I have seen all analyze this classically being the comparison with loan and EMI vs Mutual funds. People seem to think that mutual funds offer 15 to 20 percent guaranteed returns. This is not the case many a times. Just like good research is required to invest in mutual funds. Same is the case with real estate. A 6 year old 3 bhk (in 2014) bought for 1 cr in 2014 in a metro is now worth 1.5 cr. Deal sealed and money in account. Sold in 2019 (11 year old building) for a 50 percent return in 5 years. Plus 3 percent average rentals each year a 13 % per annum. Real estate is about one major thing. And that is location. Location is key to this market /investment.   In this guide, we will explore the various steps involv...
Read more

Investment in Gold is Profitable

-
Image
  Investment in Gold and Future Profit   Introduction : - Gold, with its lustrous and enduring appeal, has been a symbol of wealth and prosperity throughout human history. In the realm of investments, gold has consistently played a crucial role as a hedge against inflation, economic uncertainties, and currency fluctuations. This article explores the various facets of investing in gold, shedding light on its historical significance, its role in a diversified portfolio, and the different avenues available for investors to tap into the golden opportunity. The Historical Significance of Gold: Gold's status as a valuable commodity can be traced back thousands of years, transcending cultures and civilizations. From ancient civilizations using gold as a form of currency to its pivotal role in the gold standard, the precious metal has retained its allure over time. Today, gold stands as a timeless store of value, cherished for its scarcity, durability, and intrinsic beauty. ...
Read more

NFT Investments: The Future of Investing

-
Image
  NFT Investments: The Future of Investing NFT  Introduction In recent years, the world of finance has witnessed a revolutionary concept known as Non-Fungible Tokens (NFTs). These unique digital assets have gained tremendous popularity, attracting attention from investors, collectors, and enthusiasts alike. NFT investments have emerged as a new frontier in the financial landscape, offering exciting opportunities for growth and diversification. In this comprehensive guide, we will delve into the intricacies of NFT investments and explore why they are considered the future of investing. Understanding NFTs NFTs are digital assets that utilize blockchain technology to establish verifiable ownership and scarcity. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and unique. Each NFT possesses distinct attributes, making it one-of-a-kind and irreplaceable. These digital tokens can repr...
Read more

National saving scheme Post Office | NATIONAL SAVINGS CERTIFICATES

-
Image
  NATIONAL SAVINGS CERTIFICATES The National Savings Certificates (VIII Issue) Scheme is a scheme introduced by the Government of India under the Government Savings Promotion Act, 1873. The scheme provides individuals with an opportunity to invest in National Savings Certificates (NSCs) for a fixed period and earn interest on their investments. Here are the key features of the scheme: Types of Accounts: The scheme offers three types of accounts: Single Holder Type Account: Can be opened by an adult for themselves, a minor, or a person of unsound mind. A minor above the age of ten can also open this account. Joint A-Type Account: Can be opened jointly in the names of up to three adults, payable to all the holders jointly or to the survivor(s). Joint B-Type Account: Can be opened jointly in the name of up to three adults, payable to any of the account holders or to the survivor(s). Deposits: The minimum deposit required to open an account is one thousand rupees, an...
Read more

PM Kisan Samman Nidhi : The Game-Changer in Indian Agriculture

-
Image
  PM Kisan Samman Nidhi : The Game-Changer in Indian Agriculture Introducing PM Kisan Samman Nidhi: Revolutionizing Indian Agriculture The agricultural sector in India has long been the backbone of the nation's economy, providing livelihoods for millions of farmers. Recognizing the importance of empowering these farmers and ensuring their well-being, the Indian government has implemented a game-changing initiative known as PM Kisan Samman Nidhi. PM Kisan Samman Nidhi, a transformative program launched by the government, aims to alleviate the financial burdens faced by small and marginal farmers across the country. This initiative provides direct income support to eligible farmers, enabling them to lead a better and more prosperous life. Through PM Kisan Samman Nidhi, eligible farmers receive financial assistance of Rs 6,000 /year, disbursed in three equal installments to eligible farmer. This monetary aid serves as a lifeline for farmers, helping them tackle various cha...
Read more

Investing Wisely: Exploring the Post Office Monthly Income Scheme

-
Image
  Investing Wisely: Exploring the Post Office Monthly Income Scheme Dated 25th June 2023 Introduction to Post Office Monthly Income Scheme The Post Office Monthly Income Scheme (POMIS) is a reliable and attractive investment avenue that offers stability, regular income, and fixed returns. It is particularly popular among individuals looking to secure their financial future, including retirees, risk-averse investors, and those seeking a consistent source of income. Understanding the Working Mechanism To participate in the POMIS, individuals can conveniently open an account at any post office across India. The account can be opened individually or jointly, requiring a minimum deposit of ₹1,000. While the maximum investment limit for an individual account is 9 lakh, a joint account can have a maximum investment of 15 lakh. Eligibility Criteria The POMIS is open to all adult Indian citizens, allowing them to invest in this scheme and benefit from regular income. Additionally, parent...
Read more

Senior Citizen Saving Scheme interest rate (SCSS) 2023

-
Image
Secure Your Retirement with the Senior Citizen Savings Scheme (SCSS) 2023  Senior citizen saving scheme interest rate By Satish M•  On 23rd  June, 2023 Are you a retired senior citizen above 60 years of age or someone who took voluntary retirement after turning 55? If so, the Senior Citizen Savings Scheme (SCSS) is an exclusive investment opportunity designed to provide financial security and a regular income to individuals in their golden years. Offered by India Post Office and some nationalized banks, this scheme is specifically tailored to cater to the needs of senior citizens and offers attractive benefits. In this comprehensive blog post, we will delve into the details of SCSS, its eligibility criteria, interest rates, tenure, deposit limits, key features, and the documents required to open an account. Eligibility for the Senior Citizen Savings Scheme: The SCSS is available to two specific groups of individuals: Retired Defense Employees : Individuals who...
Read more