You are currently viewing Bad news for home loan borrowers! Now you will have to pay extra interest for 4 years

Bad news for home loan borrowers! Now you will have to pay extra interest for 4 years

Home Loan – Just now an update of Home Loan has come in the hall, it is being told in the update that those who have taken Home Loan for 20 years, now they have to replace its EMI for 20 years. Must be filled for 24 years. So now those who have taken home loan must be wondering why they are being charged extra.

RBI has given a big 1.90 REPO rate –

So the reason for increasing the EMI of home loan is that RBI has continuously increased its REPO rate from 4% to 5.90 in the last 4 months to control inflation. That is, within 4 months, RBI has increased the repo rate by 1.90%. And for this reason all the banks have increased the interest rate of their home loan. So because of this, the bank is taking EMI from the customer for 24 years instead of 20 years.

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95% home loan customer will be affected –

95% home loan in India Floating Rate Of Interest (whose interest rate keeps on increasing) and only 5% home loan Fixed Rate Of Interest (whose interest rate is same) happens) but are given. So if RBI reduces its REPO rate then the interest rate of Floating Home Loan decreases, and if it increases then the interest rate of Floating Home Loan increases. So this is the reason why the tenure of many home loans has increased.

Now additional EMI will have to be paid for 4 years –

So due to the increase in the interest rate, banks increase the time period of the loan by not increasing the EMI of the customer. So for this reason, now those who have taken a home loan for 20 years, now they will have to pay its EMI for 24 years instead of 20 years.

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