I have got Home loan of Rs. 23 Lakhs from ICICI bank before a couple of months. After RBI’s big rate cut, ICICI bank has also cut rate its base rate by 0.35%.
My home loan is on floating rate on 9.90% with EMI of Rs. 22044 pm. After rate cut, a new rate will be now 9.55%. So will it automatically reduce the EMI amount or will I have the option to reduce no. of installments by keeping the EMI same as Rs.22044?
Also please suggest which one would be a better option?