Mumbai, April 11 -- Reacting to the Reserve Bank of India's decision to cut the repo rate to 6%, Ashish Kukreja, CEO and Founder of Homesfy.in and mymagnet.io, highlighted the impact on homebuyers and the housing sector:
"The repo rate reduction is a massive relief for homebuyers in the form of equated monthly installments (EMIs) for their homes. This is the second rate cut in a row, following a 25 basis points cut in February. The repo rate reduction to 6% lowers the cost of funds for banks, enabling them to pass on the benefit to consumers through lending rates.
If a borrower has a home loan of Rs.80 lakh with a tenure of 20 years and an interest rate of 9%, the EMI is approximately Rs.71,978. With a 50 basis point reduction passed on b...