- December 10, 2018
- Posted by: Ganeshcbani
- Category: Interest Rate
The interest rate on home loans may decrease in the coming year, and this will apply to every bank, as initiated by the Indian Reserve Bank (RBI). RBI expressed its hope that loan interest rates would decline in the new financial year and be in line with the repo rate of the RBI.
Besides house loans, interest on personal loans is also imposed. At its three-day policy meeting, which began on 3 December, RBI maintained its repo rate at 6.5%.
The consensus decision to maintain the interest rate was taken. Earlier, the central bank warned that the risks of inflation are high with the fluctuation in oil rates and the global economy.
In the current financial year (2018-19), RBI maintained an estimated GDP growth rate of 7.4%. GDP growth is projected to be 7.5% in the first half of next fiscal year (2019-20).