As per RBI s latest data, the weighted average lending rate (WALR) on fresh rupee loans of SCBs increased by 24 basis points (bps) from 9% in January 2023 to 9.24% in February 2023. While WALR on outstanding rupee loans of SCBs increased by 9 bps from 9.58% in January to 9.67% in February.
In January 2023 bulletin, RBI said, lending and deposit rates of SCBs have continued to move higher since May 2022 in response to the 225 bps increase in the policy repo rate.
The 77-year-old politician said, the payment of interest and the instalments of the loan is indeed an expenditure, but it is an expenditure that is converted into an asset, which is a saving.
Among the most expected factor for home buyers, this budget 2023 would be the increase in deduction limit for interest payments and principal amount on home loans especially to spur demand in a rising interest rates scenario.