Retail borrowers who have taken floating rate loans will see their EMIs shrink as banks pass on the benefit of lower repo rate to end consumers

The RBI rate cut will help improve loan affordability and boost housing demand. Lower interest rates will benefit existing and new home loan borrowers.

Assuming the rate kicks in from April 1 after 12 EMIs of this loan have been paid, then one can get per-lakh interest savings of Rs 3002 from the rest of the year.