Repo Hike: Your ₹30–75L Home Loan EMI Goes Up

RBI raised the repo rate to 5.50%, pushing home loan interest rates higher across banks. If your loan is between ₹30–75 lakh, your monthly EMI has likely already gone up — or will soon. Here's what to check right now.

Here's what happened: RBI raised the repo rate by 25 basis points to 5.50%, directly increasing the cost of all floating-rate home loans linked to external benchmarks.. Public sector banks like Bank of Maharashtra and Central Bank of India are offering home loan rates starting near 7.00%, among the lowest currently available.. Private sector lender South Indian Bank is offering rates from 7.25%, while most large private banks are resetting rates upward following the hike..

What you should do: Check your loan account statement or net banking today to confirm your revised interest rate and whether your EMI or tenure has changed.. Compare your current rate against competing banks — if the gap is 0.50% or more, calculate balance transfer savings using a free EMI calculator before the next reset cycle.. Call your bank and request a formal rate revision letter; lenders are required to inform you of rate changes but many only update digitally without alerting borrowers directly..

If your bank extended your loan tenure instead of raising your EMI after the hike, you could be paying interest for 2–4 extra years without realising it — ask your bank explicitly which adjustment they made.