The Reserve Bank of India's (RBI's) surprise 25 basis point (bps) repo rate cut is likely to bring some cheer to borrowers of home and car loans. Adhil Shetty, CEO of Bankbazaar.com, says: "The rate cut is most welcome.
But we need to wait and see how much of the 25 bps cut is transmitted to retail borrowers." That is, it is over to banks now to transmit the rate cut to, not just new borrowers, but also existing borrowers. If the entire rate cut is passed on by banks, there would be some relief to borrowers. For example, if a 20-year home loan of Rs 75 lakh was ...
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