New Delhi, Dec 6 (IANS) As the Reserve Bank of India’s (RBI) monetary policy committee cut the repo rate by 25 basis points to 5.25 per cent, home loan rates are poised to fall to levels last seen during the Covid-19 pandemic.

Borrowers can expect their home loan interest rate to decline by 25 bps to about 7.1 per cent as several public sector banks, including Union Bank, Bank of India and Bank of Maharashtra, currently offer home loans at 7.35 per cent, according to multiple media reports.

On a Rs 1 crore home loan for 15 years, a 0.25 percentage reduction would lower the EMI by roughly Rs 1,440 per month, analysts said.

According to bankers, as the new loans are to be priced at 7.1 per cent, lenders will have to sharply cut deposit rates or revise spreads over the benchmark, leaving n

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