Home Loan Interest Rate Cut: Why Your Bank Won't Tell You & How to Save Lakhs!

When the RBI cuts the interest rates, banks are quick enough to increase loan rates when it benefits them. But when do the rates drop? They take months to pass on the benefit to borrowers. Financial educator Anushka Rathod has recently shared an eye-opening tip on how you can reduce your home loan interest rate faster and it could save you many lakhs!

Why Banks Delay Interest Rate Cuts

Banks benefit when they delay lowering the interest rates, even after RBI announces a rate cut. While they act immediately enough to increase rates when RBI hikes them, they often take 1-3 months to pass on the reductions. This delay means you can continue paying a higher interest rate unnecessarily!

How to Get Your Home Loan Interest Rate Reduced

Anushka Rathod advises the borrowers to take these steps pro-actively:

• Call Your Bank or Relationship Manager (RM): Ask them to apply the new lower rate to your own loan.
• Email Your Bank: Request a home loan rate reduction in line with the very latest RBI cut.
• Ask About Charges & Process: Some banks may charge a nominal fee to adjust your interest rate—so check if the savings are worth it!
• Take Immediate Action: If the new rate saves you a very significant amount, request the adjustment right away only.

View this post on Instagram

A post shared by Anushka Rathod (@anushkarathod98)

Why You Should Act Fast

The longer you will wait, the more you unnecessarily pay in the interest. A small rate cut can lead to some huge long-term savings, so don't let your bank delay the process. Take immediate charge and ensure that you benefit from RBI's rate reduction now!

For more interesting finance stories, stay tuned to WhosThat360!