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LONDON-The Bank of England raised its benchmark interest rate for only the second time in a decade, as worries over inflation trumped concerns about Brexit and a brewing global trade war.

Rohit Poddar, managing director, Poddar Housing and Development Ltd, said, "I personally believe that the home buyers should not worry as it will be hard for many banks to increase the interest rate".

Replying to a question, Valecha said it is cheaper to get a loan in the UAE than in India despite this hike, although the US Federal Reserve is supposed to raise rates much more aggressively than the RBI.

The Bank cut the base rate to 0.25% in August 2016 before raising it back to 0.5% in November 2017. This is the second time in a row that the RBI has hiked its key lending rate.

Thirty-seven of 63 economists in a Reuters poll last week said the RBI will raise rates n Wednesday, while 22 said the next hike would come later this year, or early in 2019.

The RBI today increased repo rates by 25 basis points to 6.5%, the second hike in two months, making housing and automobile loans costlier.

RBI had increased rate by 25 bps in the previous policy review after four-and-a-half years.

The reverse repo rate was also raised by 25 basis points, to 6.25 per cent.

This quicker transmission in the deposit rate could be partly attributed to the reversal of the interest rate regime witnessed in recent months, said CARE.

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But if you're on a variable or tracker rate mortgage, your payments are likely to go up.

"We had seen this quarter that (net interest margin) had declined by 50 basis points to 3.5%", said Ashutosh Mishra, banking analyst at Reliance Securities.

The pound made gains versus the euro following the rate increase up by almost 0.3 per cent at 1.128, but was still trading lower by around 0.1 per cent against the U.S. dollar at 1.311.

But the Bank is likely to increase its inflation forecasts, with a weaker pound and higher oil and energy prices pushing up the outlook and further justifying the need for a rise.

A no-deal Brexit would "mean disruption to trade as we know it and as a outcome of that a disruption to a level of economic activity, higher prices for a period of time", he added.

After Thursday's interest rate rise, interest rates stand at 0.75%, unemployment is forecast to fall below 4% and the United Kingdom economy expected to grow faster than the 0.2% in the first quarter of the year.

"There is only a very remote possibility that the BOE won't hike rates on Thursday", Kathleen Brooks, research director at Capital Index said in an email.

"Equity markets will take the rate hike in stride pending additional data; generally, it takes at least three hikes in a rate-hike cycle for the impacts to start to be felt by consumers and businesses", points out Sunil Sharma, chief investment officer, Sanctum Wealth Management.

It said, various indicators suggest that economic activity has continued to be strong.