Buying your own house has become easier, these 4 banks of the country have given big relief in EMI

The effect of two consecutive repo rate cuts is now reaching the customers directly. Especially those customers whose loans are linked to the repo rate (such as RLLR-based home loans), their EMI has now reduced.

If you are preparing to fulfill your dream of buying a house, then this time can prove to be very beneficial for you. The Reserve Bank of India (RBI) has taken a big decision on June 7 and 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 percent.

Home loan borrowers have got the direct benefit of this decision. Many banks have cut their interest rates, due to which your EMI can now be less than before. The good thing is that this relief will not only be available for new loans, but also for existing loan holders.

Bank of Baroda

Bank of Baroda has given the full benefit of RBI's repo rate cut to the customers. The bank has reduced its Repo Linked Lending Rate (RLLR) by 50 basis points to 8.15 percent. According to the bank's website, the starting interest rate of its home loan is 8 percent. However, it is not clear whether these rates have been updated after the recent cut.

Now home loan EMI is cheaper

Punjab National Bank (PNB) has also given relief to its customers. The bank has reduced its RLLR from 8.85 percent to 8.35 percent, which will be effective from June 9. PNB informed on social media, "Good news for customers! Now your EMI is cheaper than before." According to the bank, now the starting interest rate of home loan in PNB will be only 7.45 percent. At the same time, annual interest will be charged at the rate of 7.80 percent on vehicle loan.

Bank of India

Bank of India has also cut interest rates by 50 basis points. Now the bank's RLLR has become 8.35 percent. This information has come out from the bank's exchange filing. This will further reduce the EMI of the loan takers.

UCO Bank

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

Low EMI, more savings

The effect of two consecutive repo rate cuts is now reaching the customers directly. Especially those customers whose loans are linked to repo rate (like RLLR-based home loans), their EMI has now been reduced. That is, now the dream of buying a house has become a little cheaper.