When Repo rate is increased by RBI, almost all private banks/NBFCs increase home loan rates without any delay and that too without customer acceptance or application. But when repo rate is decreased, bank donot decrease home loan rates immediately and thry do not pass on the benefit. And if rate is decreased by banks then also customer has go to bank and file application in the bank for reduction in rate. Automatically home loan interest is not reduced as it increased automatically in case of interest rate increase.

 I urge Sentiments Das Ji and Nirmala Sitaraman ji to stop this practice by banks and banks should pass benefit to customers by reducing home loan rates automatically without any requirement of application from customer.