RBI Monetary Policy review: Quotes as below:

Gurmit Singh Arora, National President - Indian Plumbing Association

RBI has released its updated monetary policies that project inflation in FY 2023-24 and FY 2024-25. CPI inflation at 5.4per cent for FY24 with higher rates for Q3 at 5.6per cent followed by dip to 5.2 per cent for Q4. In looking ahead to FY25, the RBI expects moderation in inflation at 5.2% for Q1, 4% for Q2 and 4.7%. Such projections point to a moderated optimism which the central bank should watch over the possibility of higher inflation in other fiscal years.

Subhash Goel, MD - Goel Ganga Developments

For buyers, an unaltered repo rate is a treat since it provides them with another opportunity to purchase properties at the best prices. The MPC last raised this rate by 25 bps to 6.50% at its meeting in February 2023. Current statistics indicate that the housing market is doing fairly well for consumers, which is consistent with the robust state of the economy. We have strong momentum in home sales heading into the busiest quarter of the holiday season; the RBI's decision to keep interest rates constant will be crucial in driving the residential market's expansion. The rate at which the RBI lends money is known as the Repo Rate, and it is a crucial tool of monetary policy that the RBI uses to manage growth and inflation. For instance, banks must pay more for RBI borrowings when the repo rates rise.

Jetaish Gupta, Co-founder & Director - Adore Group

RBI's prudent move in keeping the repo rate unchanged brings a sigh of relief for homebuyers. This stability in interest rates ensures a conducive environment for those aspiring to own a home. This decision will not only bolster the real estate market but also foster economic growth. It reflects a thoughtful approach by RBI, aligning with the industry's needs and providing a positive impetus for the housing sector, contributing to overall economic development. The steady rates will be particularly beneficial for home borrowers, offering financial predictability and easing the burden of monthly repayments.

LC Mittal, Director - Motia Group

The Reserve Bank of India (RBI) has decided not to adjust the repo rate for the fifth consecutive time, thus your home loan EMIs (equated monthly installments) will stay the same for the time being. Leading banks and mortgage providers, including HDFC Bank, Bank of Baroda, and State Bank of India (SBI), currently provide house loan rates ranging from 8.4 to 9.05 percent. This translates to longer tenors or higher EMIs for current house loan borrowers—or, most of the time, both. Despite making timely payments, many borrowers have seen an increase in their tenors during this time rather than a decrease. Rather than raising EMIs, you can think about partially repaying the loan using your investments and savings. Your best bet in this situation, considering the high-interest rate scenario, would be to refinance at a lower rate while keeping a larger EMI. This will assist you in lowering your borrowing expenses. If you intend to apply for a house loan, don't rely your decision on changes in the policy rate. A home loan borrower will experience multiple adjustments in the interest rate cycle during the loan because home loans are often long-term loans.