Mumbai, Apr 9 (Reporter) The Reserve Bank of India’s (RBI’s) decision on Wednesday to reduce the repo rate by 25 basis points to six percent has brought relief for home buyers in Mumbai, which is considered as one of India’s priciest housing markets. With rates currently at their lowest since 2022, home loan consumers in Mumbai are likely to gain through reduced EMIs (equated monthly installments) and better loan eligibility. Banks are set to cut their lending rates, which will have a direct impact on monthly outgo for homebuyers. For example, a Rs 50 lakh home loan for 25 years at a rate of interest of 8.25 percent as compared to 8.75 percent would reduce the EMI by around Rs 1,600, helping borrowers save about Rs 20,000 every year. Reacting to it, Upasna Bhardwaj, chief economist, Kotak Mahindra Bank, said in a statment, “The MPC’s decision to ease repo rate by 25 bps and shift its stance to accommodative is in line with expectations. We note the increasing global turmoil and its spillovers to the Indian growth slowdown will necessitate the MPC for deeper rate cuts. We see scope for additional 75-100 bps of rate cuts in the year ahead depending on the scale of global slowdown...////...