EMI of your home loan will become expensive, problems will increase due to new rules of RBI! - Newztezz Online


Saturday, August 19, 2023

EMI of your home loan will become expensive, problems will increase due to new rules of RBI!

The new rule of RBI can increase the problems of home loan borrowers. Due to which the number of people taking loans can also decrease. Let us know how much EMI you may have to pay after the rules are implemented.

Now it will be difficult for you to buy! We are saying this because recently RBI has issued a new guideline for loan EMI. Somewhere the customers have got relief in the new rule and somewhere it is a matter of concern for the people. Due to the new rule of RBI, banks and loan companies may be forced to increase the installment of NBFC loans. Simply put, your EMI burden may increase. According to banking experts, the decision of RBI may reduce the number of people taking loans.

In fact, according to the rules of the Reserve Bank, borrowers will be given the option to shift to fixed rate loans if there is a change in the interest rate. Due to which banks will calculate the repayment capacity at a rate higher than the current rate and the loan amount may be reduced for the borrowers. However, RBI will implement the new rule for existing borrowers from December 31.

Bank will be able to decide

If the interest rate on the loan continues to rise rapidly, banks will have to ensure that the EMI continues to cover the monthly interest on the loan. This should not affect the installment and subsequently the outstanding amount should not increase. In the letter of loan approval, it will have to be disclosed that how much will be charged for going from floating to fixed rate. At present, banks calculate the loan repayment capacity of the borrower on the basis of interest rates.

EMI can increase so much

According to market experts, only a few banks and HFCs are currently offering home loans on fixed interest. At the same time, some banks are offering home loan customers at hybrid interest rate. The interest rate risk of the loan increases with the increase in tenure. Due to which banks charge more interest for fixed rate home loans. You can understand this in such a way that the floating rate in ICICI Bank is nine to 10.5 percent while the fixed rate is 11.2 to 11.5 percent.

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