Home Loan Rate cuts by RBI should be passed on to customers by all Banks
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When the Home Loan interest rates were around 10% by almost all the banks/NBFCs, RBI reduced 175 basis points till date which means it has reduced 1.75% and most of the banks are not passing the benefit to customers.
To be precise, home loan ROI should be around 8.25% but we do consider the profits of the banks as well on which they run the business. So taking all the situations into consideration it should be set around 8.5-8.6% at least. Except SBI and other centralized banks no Bank/NBFCs are giving this rate cut. For example HDFC is giving an option to change to 8.9% only that too upon paying a fee of 5750/- which is very high.
I request RBI to take action on these Banks/NBFC and see to that customer will be benefited by the good thing done by RBI.
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