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External benchmarks: 28 5% rise in outstanding loans share - The Hindu BusinessLine
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home loan: 6 ways existing home loan borrowers can reduce EMI amount
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Borrowing costs begin to rise as lockdown conditions ease in India
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Synopsis
With repo rate being at the lowest level seen in the last two decades, a continuation of this low interest rate regime works well for the borrowers, however, for FD investors it will only increase their woes.
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The Reserve Bank of India (RBI), in its latest bi-monthly monetary meet held on April 7, 2021, has decided to keep the repo rate unchanged yet again. This is the sixth time in a row the apex bank has kept the key rates unchanged.
The repo rate and reverse rate remain at 4% and 3.35%, respectively, after the announcement. No change in the repo rate was expected as the central bank is expected to tame the yields of government securities due to higher borrowings planned by the government in FY 2021-22.
Dubai: Non Resident Indians (NRIs) in the UAE account for a big a chunk of property demand in their home country. While some take out personal loans from the UAE to fund their property investment in India, others choose to take a home loan from an Indian bank instead.
With the COVID-19 crisis hitting personal finances worldwide, NRIs are not immune either. This is an apt time for NRIs to consider cost savings by refinancing their mortgage taken from an Indian bank.
What is refinancing?
Refinancing means taking a new loan to pay off one or more outstanding loans and like Indian residents, NRIs too can opt for this. Refinancing a home loan will result in a lower interest rate, or one can switch from a fixed to a floating rate or vice versa. Refinancing can also be a viable option if an NRI wishes to top up the original amount borrowed. It is also useful to consolidate debt.