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The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Wednesday unanimously voted to increase the benchmark policy rate by 50 basis points, thereby taking the repo rate to 4.90 per cent. This comes less than a month after a surprise rate hike by the bank in May in an off-cycle meeting.
The hike spells bad news for those who were looking to buy a home and also for those who are paying their EMIs.
Let's understand how RBI's rate hike is directly linked to your EMIs
Floating home loan interest
