In a significant relief to homebuyers, the Reserve Bank of India (RBI) on Friday reduced the repo rate by 50 basis points (bps) to 5.50 per cent. This is the third consecutive reduction by the central bank and with the latest move, the total reduction so far this year has reached 100 bps. According to RBI Governor Sanjay Malhotra, the six-member monetary policy committee decided to lower the benchmark repurchase or repo rate by 50 basis points.
RBI cuts repo rate: Here’s how much you will save on your home loan EMIs
