Come October, Your Home Loan Becomes Cheaper! (From Oct 1, 2019, It’s Mandatory For Banks To Link Their Home Loan Interest Rate With The Repo Rate).
September 25, 2019
Here’s some good news for the new home buyers. As you know that RBI has been reducing the Repo Rate (the rate at which it gives loan to the banks), but the banks are not passing the benefits to its customers. However, from October, this problem is expected to be solved. The lower Repo, or short-term lending rate for commercial banks, will make home loans cheaper as banks are bound to pass on the benefits to the retail borrowers. Furthermore, RBI has cut the Repo Rate to 5.75 per cent from 6 per cent which too gets implemented from 1st October 2019.
The RBI has mandated banks that new floating rate home loan products should be linked to external benchmarks like RBI repo rate. Banks can charge a spread over the benchmark rate and the interest rate under external benchmark shall be reset at least once in three months. Furthermore, the RBI has said that existing loans and credit limits linked to the Marginal Cost of funds based Lending rate (MCLR)/Base Rate/Prime Lending Rate (PLR) shall continue till repayment or renewal, as the case may be.
New borrowers could bag a good home loan deal at reduced interest rates and can avail the opportunity to buy a home at SOBHA CITY- Delhi NCR’s best Urban Park Residences at the best price. With four towers of SOBHA CITY being in the advanced stages of construction, there is no doubt that this RBI mandate has come at the prefect time.
SOBHA CITY is a premium group housing project on Upper Dwarka Expressway, spread over 39 acre contiguous land parcel with over 8.5 acres of open & green spaces. Hailed as Urban Park Residences, SOBHA CITY offers unmatched amenities within its large complex, like a 90m dia Cricket ground, 0.6 acre of resort style lakelet, 2 clubhouses, over 16 sports & social amenities and so much more. Also this big scale development is just minutes away from Dwarka and IGI airport, making it a destination address of Delhi NCR.