The pandemic made many homebuyers forgo their dream of owning a home. However, with the pause in repo rate, rising property prices and incessant rise in rent, buying a home is the perfect thing to check off your bucket list.

Repo rates are the interest rates charged by the Reserve Bank of India to commercial banks when borrowing money. Banks' borrowing costs are increased if the central bank increases the repo rate. The hike is the fifth consecutive one for this financial year. Earlier, the RBI had raised the rate by 40 basis points in May and by 50 basis points in June, August and September respectively.

On August 5, 2022, the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points, bringing it to 5.40%. This is the third consecutive increase in the repo rate this fiscal year, following increases of 40 basis points in May and 50 basis points in June. In this fiscal year, the RBI has raised the repo rate by 140 basis points.