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Combating Rising Interest Rates
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| 02/12/2011 10:29 AM |
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The safe and smart way to reduce your home loan burden
The Reserve Bank of India (RBI) has hiked interest rates 12 times in the past 20 months effectively increasing the rates by 3.75 percentage points. This leaves no option for banks but to pass on the rate hike to customers. Home-loan rates have gone up from around 9.50% in September last year to 11%-12% currently.
Home-loan borrowers have been badly hit, as a result. The impact is in the form of longer tenures and higher EMIs (equated monthly instalments).
Consider a borrower with Rs30 lakh outstanding ...
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