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The Effect of Repos on the Duration of Your Home Loan

Banks have raised lending rates in response to the Reserve Bank of India’s (RBI) many rises in repo rates this year in an effort to fight inflation. Over a range of tenures, the majority of large banks have increased their Marginal Cost of Funds Based Landing Rate (MCLR) by 10 bps or 0.05% and their External Benchmark Lending Rate (EBLR) by 50 bps (100 bps = 1%). The minimal interest rate (MCLR) under which banks and non-banking financial organisations (NBFCs) are not permitted to provide loans, unless there are special circumstances.

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