EMI Hike Relief: Within the last four days, the figures of retail and wholesale inflation have come. Retail inflation has come down to an 18-month low of 4.70 per cent from 7.79 per cent a year ago. So the figure of wholesale inflation rate has come down to 0.92 percent, the lowest level of 3 years. After this fall in the inflation rate, the maximum relief can be given to those people whose home loan EMI saw a drastic increase in the last one year.
The meeting of the Monetary Policy Committee of the Reserve Bank of India will be held from 6 to 8 June 2023. And on June 8, RBI Governor Shaktikanta Das will announce the decision of the committee. And it is believed that after this big drop in the inflation rate, the RBI governor can keep his policy rates as it is. Means your EMI will not be more expensive from here. Even before this, in the month of April, RBI had announced to keep the repo rate unchanged at 6.50 percent.
Experts believe that even if there is no change in the RBI repo rate in the monetary policy for the month of June, but if there is further fall in retail inflation from here, RBI may reduce its policy rates in the month of August. Nomura Holdings has already said that from the month of August, it can cut the repo rate by 75 basis points till the end of 2023. That is, the current level of repo rate can be reduced from 6.50 percent to 5.75 percent.
Recently, RBI Governor Shaktikanta Das had said on the decline in retail inflation rate that the decline in inflation rate is indicating that the monetary policy is going in the right direction. However, he refused to say anything regarding RBI’s stance in monetary policy. But now it is believed that due to the increase in the repo rate of RBI in 2022, the EMI of those whose EMI had become expensive, may start the process of getting cheaper.
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