RBI rate hikes result in increased loan tenure and EMIs for home loan borrowers in India
We hope this email finds you well. We are reaching out to you today to share an important update regarding recent rate hikes by the Reserve Bank of India (RBI) and their impact on home loan borrowers in India.
As you may be aware, some borrowers in India are going through an interest rate shock as the RBI has raised rates.
This has resulted in a manifold increase in loan tenure or a higher equated monthly instalment (EMI) for borrowers who had opted for a floating interest rate on their loans.
The repo rate has gone up by 225 basis points since May 2022, interest rates on home loans have risen in tandem with this increase, causing significant financial strain for many borrowers.
Alternatively, you can shop around for a slightly lower rate if your credit score is good.
For more information on this issue, we encourage you to read this brilliant story on Mint: (Read More)
Please do not hesitate to reach out to us if you have any questions or concerns.
