Home Loan: Taking a home loan will be easy, this government bank has reduced its interest rates..

After RBI cut interest rates by 0.25 percent, now banks have also decided to cut interest rates. Government sector bank Indian Overseas Bank has cut the interest rate linked to the repo rate by 0.25 percent. The bank has given information about this on Saturday. After this decision the bank, you will get a cheaper home loan.

Recently, the Reserve Bank of India (RBI) in its recent meeting of the Monetary Policy Committee (MPC) decided to reduce the policy rate repo from 6.25 percent to six percent, after which now Indian Overseas Bank has also cut the interest rate. Due to the reduction in interest rate, the EMI of all loans taken from this bank including home loans will be less.

Home loans will be cheaper.

After the reduction in interest rate by the bank, now home loans from this bank will be cheaper. If someone applies for a loan from this government bank, then he will have to pay less EMI. Apart from home loans, other loans will also become cheaper now.

The bank's decision to cut interest rates comes amid growing uncertainties after US President Donald Trump announced a 26 percent duty on imports of Indian goods last week. Earlier, the RBI has decided on the interest rate to control inflation in the country and strengthen the country's economy.

How much is the interest now

Indian Overseas Bank is a government bank, the bank has reduced the interest rate on repo-linked loans by 0.25 percent from 9.10 percent to 8.85 percent. This reduction will be effective from April 12, 2025. That is, from today onwards, the EMI of people taking loans from the bank will be reduced. They will have to pay less money as interest.

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