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Home loan customers on floating rate plans should prepare themselves for higher equated monthly installments (EMIs) as there are signs that the rate of interest in the economy in general may rise again. Along with home loan customers, buyers of cars, consumer durables and also other large and small corporate borrowers would end up paying higher rates going forward, economists and analysts said.

RATE OF INTEREST ON CREDIT GOES DOWN BY 25 BPS

The Reserve Bank of India (RBI) slashed its policy (repo) rate by 25 bps to 7.75% in its third quarter monetary policy. At the same time, it cut the cash reserve ratio (CRR) or the portion of deposits banks keep with RBI, by 25 bps to 4.00%.

RATE OF INTEREST ON CREDIT GOES DOWN BY 25 BPS

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The interest subvention scheme has been liberalised with effect from 2011-12 by extending it to housing loans up to Rs 15 lakh where the cost of the house does not exceed Rs 25 lakh, RBI said in a notification.

HDFC'S new scheme — Trufixed interest rate home loans — has been launched as an Independence Day special. Home loans of up to Rs 10 lakh are available at a fixed interest rate of 10.75% and loans above Rs 10 lakh and up to Rs 75 lakh at 11%. In comparison to floating rate loans, the Trufixed loans between Rs 10 lakh and Rs 30 lakh are 50 basis points higher than floating rate loans and in all other categories the difference is 25 basis points.

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