What does decrease in BPS means for home loan ?

What does decrease in BPS means for home loan ?

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Deal Cadet
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As the topic says, I got email that due to a revision, the BPS is being cut by 5 bps from next month. Does that mean reduction in EMI ? if yes how much will the interest reduce ?

Bank : HDFC
Home loan
Current rate : 8.05% for 20 years.

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Deal Cadet
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BPSBASIC POINTS
1 BPS = 0.01%
5 BPS = 0.05%
BPS is banking terminology

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Deal Cadet
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ASH13 wrote:

BPSBASIC POINTS
1 BPS = 0.01%
5 BPS = 0.05%
BPS is banking terminology

Thanks bro sunglasses

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Deal Cadet
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Emi will never change… Ur interest amount fr ur tenure will change if home loan is floating

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Deal Cadet
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Razor4 wrote:

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🤣🤣🤣 Thank you.

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Blogger
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ASH13 wrote:

BPSBASIC POINTS
1 BPS = 0.01%
5 BPS = 0.05%
BPS is banking terminology

BASIS POINTS

reset only yearly once for existing borrowers

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