How to reduce impact of rising home loan rates now
With the reversal of the interest rate regime being clear, existing home loan borrowers should prepare themselves for rising Equated Monthly Instalments (EMIs). However, as home loan interests vary widely across banks and NBFCs, existing home loan borrowers can reduce the impact of rising interest rate regime by transferring their home loans for lower interest rates. If you have an existing home loan, consider these factors to decide whether to transfer your home loan.
The repo rate increase by the Reserve Bank of India has come after four and a half years. During this period, many assumed the declining interest rate regime would continue forever. Image source: Pixabay