It was easy to buy their home, these 4 banks of the country gave great relief in EMI

If you are preparing to fulfill the dream of buying your house, then this time can prove to be very beneficial for you. Taking a major decision on 7 June, the Reserve Bank of India (RBI) has cut the repo rate by 0.50 percent. Now it has come down to 5.5 percent. Since February 2025, RBI has cut a total of up to 1 per cent.

The direct benefit of this decision has been given to those taking home loans. Many banks have cut their interest rates, which can reduce your EMI now before. The good thing is that this relief will not only get new loans, but also to the existing loan holders.

Bank of Baroda

Bank of Baroda has given full benefit of RBI’s repo rate cut to customers. The bank has reduced its Repo Linked lending Rate (RLR) to 8.15 per cent to 8.15 per cent. According to the bank’s website, the initial interest rate of its home loan is 8 percent. However, it is not clear whether these rates have been updated after recent cuts or not.

Now home loan EMI and inexpensive

Punjab National Bank (PNB) has also given relief to its customers. The bank has reduced its RLR from 8.85 per cent to 8.35 per cent, which will be effective from June 9. PNB gave information on social media, & ldquo; Good news for customers! Now your EMI is already and inexpensive. & Rdquo; According to the bank, now the initial interest rate of home loan in PNB will be only 7.45 percent. At the same time, the vehicle loan will be charged annually at the rate of 7.80 percent.

Bank of India

Bank of India has also cut interest rates by 50 basis points. Now the RLR of the bank has increased to 8.35 percent. This information has been revealed by the exchange of the bank’s exchange. This will further reduce the EMI of those taking loans.

यूको बैंक

UCO Bank has also given relief to customers, but this time it is a matter of MCLR (Marginal Cost of Funds Based Lending Rate). The bank has cut 10 basis points in MCLR, which will be applicable from June 10.

low EMI, more savings

The impact of two consecutive repo rate cuts is now reaching customers directly. Especially the customers whose loans are connected to the repo rate (eg RLR based home loan), their EMI has now reduced. That is, now the dream of buying a house has become a little cheaper.

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