Thursday, May 19, 2022

Sbi Report Says There Will Be No Relief From Emi Repo Rate Will Increase By 75…

SBI Report On EMI: In the midst of rising inflation, the increase in loan installment (EMI) is not expected to provide relief at the moment. This is because the Reserve Bank of India (RBI) will increase the repo rate again by August. According to a report by SBI, by August, the central bank will increase the repo rate by 75 bps or 0.75 percent. The second meeting of this financial year is expected in June and the third meeting in August.

Experts say that the repo rate can be increased by 0.25 percent in June and 0.50 percent in August. This will significantly increase your loan installment. With this, the Reserve Bank can also increase the cash reserve ratio (CRR) by 0.50 percent. However, with this you will get more interest on the deposit.

In May, the RBI suddenly increased the repo rate by 0.40% and CRR by 0.50 percent in an unscheduled meeting.

Repo rate will be 5.25

It has also been said in the report that RBI will increase the repo rate to 5.25%. It is currently at 4.5%. After August, the matter of increasing the rates may slow down a bit. He says that on this basis the interest rate on home loan can go up to 8.5%.

This means that the sale of houses will decline. State Bank’s chief economic advisor Soumya Kanti Ghosh says that the RBI should not increase the repo rate by more than 1.25% under any circumstances. Out of this, 0.40% has already increased.

how much will be the installment,

If the repo rate increases by 0.25% in June, then the monthly installment on a loan of 30 lakhs for 20 years will increase by about Rs 800. Whereas if the repo rate increases by 0.50 percent in August, then directly your installment will increase by Rs 1500 in the month. If we look at the repo rate of May, then by August there will be an impact of about Rs 3,000 on the monthly installment.

Inflation only 7% till September

It has been estimated in the report that the rate of inflation will remain up to 7 percent till September. After that it can remain in the range of 6.5 to 7%. SBI Chief Economist Soumyakanti Ghosh has said in his report that the ongoing war between Russia-Ukraine has affected factors like inflation in every way.

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