Borrowers will definitely see a sharp jump in their monthly EMI amounts now. The interest rate has moved from 8 percent to 8.25 percent. People who took loans for a 20-year tenure (240 months) will face an extra financial burden. This hike will surely hit the monthly budget of middle-class families.
A quick calculation shows the exact difference for each loan amount. For example, a person with a Rs 30 lakh home loan will now pay an EMI of Rs 25,562 instead of the old Rs 25,093. This means they must pay an extra Rs 469 every month.
Similarly, the EMI for a Rs 50 lakh loan jumps from Rs 41,822 to Rs 42,603. This adds Rs 781 to the monthly expense. Borrowers with larger loan amounts will naturally feel a much heavier monthly burden.