The Reserve Bank of India (RBI) held its third consecutive monetary policy meeting this year from August 7-10, 2023 to curb inflation in the country. The meeting was chaired by RBI Governor Shaktikanta Das.
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What will be home loan interest rates in 2023 in India
The MPC decided to keep the repo rate unchanged at 6.50% for the third consecutive time. The repo rate is the rate at which the RBI lends money to commercial banks. The MPC also decided to maintain the cash reserve ratio (CRR) at 4.50%. The CRR is the amount of money that commercial banks have to keep with the RBI.
The MPC's decision to keep the rates unchanged was a surprise to many analysts who had expected a rate hike to curb inflation. However, the MPC said that it was still too early to raise rates as inflation was expected to peak in the coming months. The MPC also said that it was closely monitoring the impact of the recent increase in fuel prices on inflation.
The RBI has been facing a difficult balancing act in recent months. On the one hand, it needs to keep inflation under control to protect the purchasing power of consumers. On the other hand, it also needs to support economic growth. The RBI has said that it will continue to monitor the situation closely and take necessary measures to keep inflation in check.
Have any other banks changed
Their home loan interest rates after August 2023?
Yes, a few banks have changed their home loan interest rates after August 2023. Here are some of the changes:
HDFC Bank, HDFC Bank increased its home loan interest rates by 5 basis points on August 30, 2023. The new interest rates start at 8.75% for women and 8.80% for men.
ICICI Bank, ICICI Bank increased its home loan interest rates by 10 basis points on September 1, 2023. The new interest rates start at 8.85% for women and 8.90% for men.
State Bank of India, SBI increased its home loan interest rates by 5 basis points on September 6, 2023. The new interest rates start at 8.90% for women and 8.95% for men.
Bank of Baroda, BOB increased its home loan interest rates by 5 basis points on September 7, 2023. The new interest rates start at 9.00% for women and 9.05% for men.
Axis Bank, Axis Bank increased its home loan interest rates by 10 basis points on September 8, 2023. The new interest rates start at 9.05% for women and 9.10% for men.
It is likely that more banks will change their home loan interest rates in the coming months. This is because the RBI is expected to continue raising the repo rate in order to control inflation.
If you are planning to take a home loan, it is important to shop around and compare interest rates from different banks. You may also want to consider a fixed-rate home loan, which will protect you from further interest rate hikes.