If you’re on a fixed rate, you might want to evaluate if switching to a floating rate makes sense, depending on market conditions and your remaining loan tenure.

Last week, the Reserve Bank of India cut repo rate for the first time in nearly five years to 6.25% from 6.5%. The central bank's move to lower interest rates came right after the governments INR1 lakh crore worth of tax cuts for the middle class in the Budget for 2025-26.

RBI governor Sanjay Malhotra announced a 25 basis points cut in the benchmark repo rate to 6.25%, the first reduction in five years.