Complete RBI repo rate timeline since 2019 and how each change affects home loan EMI at different loan amounts.
| MPC Meeting | Repo Rate | Change | Context |
|---|---|---|---|
| Feb 2019 | 6.25% | -0.25% | Rate cut cycle begins as inflation eases |
| Apr 2019 | 6.00% | -0.25% | Second consecutive cut |
| Jun 2019 | 5.75% | -0.25% | Third cut in a row |
| Aug 2019 | 5.40% | -0.35% | Larger cut amid growth concerns |
| Oct 2019 | 5.15% | -0.25% | Fifth consecutive cut |
| Mar 2020 | 4.40% | -0.75% | Emergency cut as COVID-19 hits the economy |
| May 2020 | 4.00% | -0.40% | Further emergency easing during lockdown |
| May 2022 | 4.40% | +0.40% | Rate hike cycle begins to fight inflation |
| Jun 2022 | 4.90% | +0.50% | Continued tightening |
| Aug 2022 | 5.40% | +0.50% | Third hike of the cycle |
| Sep 2022 | 5.90% | +0.50% | Fourth consecutive hike |
| Dec 2022 | 6.25% | +0.35% | Fifth hike |
| Feb 2023 | 6.50% | +0.25% | Final hike of the cycle, rate held here for two years |
| Feb 2025 | 6.25% | -0.25% | First cut in nearly two years as inflation cools |
| Apr 2025 | 6.00% | -0.25% | Second consecutive cut |
| Jun 2025 | 5.75% | -0.25% | Third cut of 2025 |
| Jun 2026 | 5.25% | -0.50% | Latest MPC decision (see current rate on rbi.org.in) |
If your home loan is linked to the External Benchmark Lending Rate (EBLR), which almost all floating-rate home loans have been since October 2019, a repo rate change passes through to your loan within one quarter (most banks reset within 3 months, some reset monthly).
| Loan Amount (20-year tenure) | EMI at 9.0% | EMI at 8.5% | Monthly Saving |
|---|---|---|---|
| ₹30 lakh | ₹26,992 | ₹26,035 | ₹957 |
| ₹50 lakh | ₹44,986 | ₹43,391 | ₹1,595 |
| ₹75 lakh | ₹67,479 | ₹65,087 | ₹2,392 |
| ₹1 crore | ₹89,973 | ₹86,782 | ₹3,191 |
Older loans on MCLR (Marginal Cost of Funds based Lending Rate) reset only once every 6 to 12 months depending on the reset clause in your agreement, so a repo cut can take much longer to reach your EMI. Loans on the old Base Rate system, still held by some long-tenure borrowers, may not automatically reflect repo cuts at all. If your loan was sanctioned before 2019 and you haven't checked your benchmark type, that's worth doing, since switching to an EBLR-linked loan (via your existing bank or a balance transfer) can meaningfully speed up how fast rate cuts reach you.
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