The repo rate is the rate at which commercial banks borrow from the RBI. This drop comes after nearly 5 years of house loan borrowers seeing only rate increases or stagnation. Following the reduction in the RBI repo rate,

A decrease in the repo rate will now prompt banks to lower their lending rates, making home loans more affordable.

Reserve Bank of India cut its benchmark interest rates 25-basis-points on February 8, take a look at how experts think this is likely to reduce your home loan EMI and tenure.