Customers are now directly feeling the effects of two consecutive repo rate reductions. Customers’ EMIs have decreased, particularly those whose loans are based on the repo rate (RLLR-based home loans, for example).
This can be a really good time for you if you are getting ready to realize your ambition of purchasing a home. In a significant move on June 7, the Reserve Bank of India (RBI) lowered the repo rate by 0.50 percent. It has now decreased to 5.5%. The RBI has reduced the sum by 1% since February 2025.
This judgment directly benefits home loan borrowers. Your EMI may now be lower than it was previously because many banks have lowered their interest rates. The good news is that existing loan holders will also be eligible for this reduction, in addition to new loans.
Bank Of Baroda
Customers of Bank of Baroda have benefited fully from the RBI’s repo rate reduction. The bank has lowered its Repo Linked Lending Rate (RLLR) to 8.15 percent, a 50 basis point decrease. The bank’s website states that its house loan has an initial interest rate of 8%. It’s unclear, though, if these rates have been revised in light of the most recent drop.
Now home loan EMI is cheaper
Customers of Punjab National Bank (PNB) have also received assistance. With effect from June 9, the bank has lowered its RLLR from 8.85 percent to 8.35 percent. PNB informed on social media, “Good news for customers! Now your EMI is cheaper than before.” The bank claims that the starting interest rate for a PNB house loan will now only be 7.45%. At the same time, a car loan will have an annual interest rate of 7.80%.
Bank of India
Interest rates have also been lowered by 50 basis points by the Bank of India. The RLLR of the bank is at 8.35 percent. This information was obtained from the exchange filing of the bank. This will further lower borrowers’ EMIs.
UCO Bank
Customers of UCO Bank have also received relief, although this time it relates to MCLR (Marginal Cost of Funds Based Lending Rate). With effect from June 10, the bank has lowered MCLR by 10 basis points.
Lower EMI, more savings
Customers are now directly feeling the effects of two consecutive repo rate reductions. Customers’ EMIs have decreased, particularly those whose loans are based on the repo rate (RLLR-based home loans, for example). As a result, the desire of purchasing a home is now somewhat more affordable.
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