Repo Rate: From May 2022 till now, the repo rate has been increased by two and a half percent six times. Along with this, the interest rate of home loan, personal loan and car loan was also increased by the banks.
Reserve Bank of India: The repo rate has been increased by two and a half percent six times since May 2022 by the Reserve Bank of India (RBI). Along with this, the interest rate of home loan, personal loan and car loan was also increased by the banks. But this increase did not show any effect on the market. It’s not us talking about statistics. In fact, at the end of March, home loans increased by 15 percent on an annual basis to Rs 19.36 lakh crore.
Did not appear to have an adverse effect
According to the data released by the Reserve Bank of India (RBI), despite increasing the interest rate continuously since May last year, it has not shown any adverse effect. According to the data, home loans increased by 12.9 percent annually to Rs 16.84 lakh crore in March 2022, while loans on housing (priority category housing) stood at Rs 14.92 lakh crore in March 2021.
Repo rate increased by 2.5 percent
RBI has increased the repo rate by 2.5 percent since May 2022, due to which the interest rate on all types of loans including home loan has increased. Releasing the data regarding bank loans, the central bank said that personal loans have increased by 20.6 percent on an annual basis in March 2023, compared to 12.6 percent in the same period last year.
According to the data, loans to industries increased by 5.7 percent on an annual basis in March 2023, while it was 7.5 percent in March 2022.
