RBI Rate Cut: 6 Banks Lower Home Loan Interest, Millions Benefit

• Six banks have reduced home loan interest rates following the RBI's 25 basis point repo rate cut to 5.25%.
• This benefits customers with loans linked to MCLR, RLLR, BRLLR, or RBLR, potentially lowering EMIs or reducing loan tenure.
• HDFC Bank, PNB, Bank of Baroda, Indian Bank, and Bank of India have cut their respective lending rates.
• Bank of Maharashtra reduced home and car loan rates, and waived all processing fees for new customers.

Why It Matters: Bank interest rate cuts mean lower EMIs for many borrowers.