Banks may bring down EMIs on home loans if you ask

When the RBI cut interest rates seven weeks ago, home buyers heaved a sigh of relief. Although several banks have now begun to offer ‘discounts’ to new customers, existing borrowers are still paying the old EMIs. Reason: some banks haven’t changed their base rates, the benchmark for consumer loans. So is there a way out?

Yes. But the only hitch is that banks are unlikely to offer the reduced rate on a platter and expect you to tell them that your EMI is way too high. Sometimes even a mild threat of switching banks may work.