RBI Special concession: No EMIs for 3 months: Housing loan to reduce!
Posted on: 27/Mar/2020 2:43:22 PM
The Reserve Bank of India has announced that the REPO interest rate for the banks has been reduced to 4.47%.
This has given prospects for the interest rates for housing loans and industrial loans to reduce. 3 months’ concession has been given to the persons who have availed loans!
The Reserve Bank of India Governor, Chandrakantha Das met the press reporters at Delhi. He shared:
We are closely monitoring the economic repercussions of the raging coronavirus pandemic! There are prospects of an economic recession at the international level! There are prospects of GDP getting affected. 150 Reserve Bank of India employees has been isolated! RBI will confirm that inflation is under control.
The REPO interest rate for loans to the banks has been reduced from 5.15% to 4.4%. Reverse REP has been reduced from 4.9% to 4%. With this development, there are prospects for the interest rate for housing/vehicle loans to reduce and also the number of EMIs may come down! The interest rate for loans given to the industry sector may also reduce. The Reserve Bank of India is taking action to encourage bank loans. The industrial sector and the bank account-holders may get loans at lower interest rates. Also, there are prospects for the interest of the loans already taken to reduce!
The banks may postpone for 3 months for the loans taken by customers. These 3 months’ concession cannot be included in the CIBIL scores of those who have availed loans.
Further, the monthly installment for the loans availed by the private industries is postponed by 3 months!
