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Friday, May 27, 2022

Home Loan Rate Hike: After getting expensive home loan, know what are your options?

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Fixed Rate Home Loan: The process of increasing interest rates on home loans has started. From housing finance companies to banks, their customers are being informed about the increase in home loan interest rates through SMS and email. Obviously, due to this decision of banks, the EMI of the customers taking home loans will become expensive. The big question arises, will the interest rates not increase after this? So it is very difficult to say. But experts believe that the RBI has increased the repo rate by only 40 basis points at present. But in the coming time, the interest rates may increase further due to which the EMI will be more expensive.

What are the options before the customers
When the interest rates on home loans are rising and are likely to increase further in the future, customers can switch from Floating Rate Home Loans to Fixed Rate Home Loans. There will be no effect of increasing interest rates in this. However, the interest rates on fixed rate home loans are costlier than the interest rates on floating rate home loans. Due to which you will have to pay more EMI. But the change in interest rates will not affect your pocket.

These banks are offering fixed rate home loans
HDFC Bank and Axis Bank are offering fixed rate home loan products. HDFC Bank’s fixed rate home loan interest rates range from 7.40 per cent to 8.20 per cent, depending on the loan amount. Also, the interest rate of fixed rate home loan is valid only for 2 years, after which the bank reviews the interest rates. Axis Bank is offering fixed rate home loans at 12 per cent per annum interest rate. However, before switching to a fixed rate home loan, make sure that you pay expensive EMIs for a long period of time. But it will not have any effect on decreasing interest rates.

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