Right now, with RBI keeping the repo rate unchanged, those who are already paying home loan EMIs are unlikely to see any change in their monthly loan payouts. A subsequent reduction in repo rate will mean that banks reduce the interest charged on home loans, making them available at cheaper rates. This, in turn, would mean substantial savings for homeowners. Therefore, if you are looking to take a home loan, a fall in the repo rate could work in your favour. But to make the most of this, ensure that your home loan regime is the external benchmark-linked lending rate (EBLR).