How to Reduce Your Home Loan Burden Amid Interest Rate Hikes?

After the Reserve Bank of India's two consecutive interest rate hikes, increase in the rate at which banks lend is bound to increase. Experts expect another 25 basis points rise in repo rate in RBI's next monetary policy meet.

Major banks like SBI (State Bank of India) and ICICI Bank have already increased the interest rate on their home loans. The MCLR for SBI has been increased by 20 basis points from 8.25 to 8.45 percent. ICICI Bank, on the other hand, has hiked both its six-month and one-year MCLR by 15 basis points.

If you are an existing home loan borrower at floating interest rate and looking to reduce or manage your burden of EMIs you can explore the various options to do it.

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