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Home loan interest rates to fall below 8%

The New Indian Express Mysuru

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April 10, 2025

'IndusInd crisis episode, not failure, banking system safe'

- DIPAK MONDAL @Chennai

WITH 50 basis points cut in repo rate since February monetary policy, home loan rates would soon come below 8%. Currently most existing home loan rates are in the 8.15-9% range. With the latest cut in 25 basis points, home loan rates would come down to below 8% for the first time since August 2022.

Most home loan rates are linked to the external benchmark rate (EBR), which means the transmission of the rate cut should happen faster. Around 60% of the home loan accounts are not linked to the repo rate.

As per Adhil Shetty, CEO, BankBazaar, home loan rates are about to go sub-eight again with Wednesday's 25 bps rate cut. "The lowest rates we are currently seeing are between 8.10 and 8.35. However, the lowest rates are typically reserved for prime borrowers (credit score >750) and refinance cases. Homeowners paying a substantially higher rate (50 bps or higher above prevalent rates) are advised to refinance their loans to avail lower rates," says Shetty.

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