NEWS & ADVICE : HOME LOANS
Banks Reduce Equated Monthly Installments And Increases Repayment Duration
By Joseph Samson
Sep 10, 2013
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Mr. Dewakar is thinking to shift his housing loan to another bank or housing finance company. At present, he pays an EMI of Rs, 26,048, on a housing loan of Rupees 22 Lakh, which is Rs. 1,184 per Lakh.Many lenders plan to offer offer Rupees 900 per month, even a little low to that. This is a little better for the home loan borrowers and they may be ready to continue for a few more installments. Already, the home loans were increased to the base rate of 9.75 – 10.25%. For the purpose of encouraging the home loan product buyers, now, the money lenders are pitching the Equated Monthly Installments to Rs. 1000 per every Lakh, up to twenty years. Now, the banks have decided to offer Rs.900 per Lakh, by extending the repaying tenure by, up to ten years. The home loan borrowers may feel that the new option would be a better choice.


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