Things to keep in mind while taking SBI Home Loan! SBI HOME LOAN
Shaktikanta Das emphasized that the decision has been taken not to change the interest rates for this time only. The Monetary Policy Committee is reluctant to rush into further action. If any action is required, appropriate action will be taken in future meetings, he said.
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From December 2022, inflation is increasing in relation to the Consumer Price Index. This has led to an increase in the prices of food grains, milk and food items. The prevailing situation is that of general inflation. The RBI Governor also said that the rising inflation is expected to reach a moderate level by the financial year 2024.
Standing Deposit Facility (SDF) will remain unchanged at 6.25%. Margin Standing Facility (MSF) and Bank Rate will remain at 6.75%. In the current scenario there are concerns regarding financial stability at the global level. But current positive indicators give hope that the world economy will improve.
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Inflation is moving towards moderate levels but remains above the Reserve Bank’s target. Volatility in global markets also influences inflation. But despite such volatility, India’s banking-non-banking sector remains healthy. Generally, the financial market in India is on a growth path. Economic activities take place on a large scale. The RBI Governor also said that GDP growth is expected to reach 7% by FY2023.
The Reserve Bank of India has increased repo rates by 220 basis points from May 2022. This increase took place in the last 11 months. Due to this, the EMI burden of things like home loan has increased.
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