Rapid rise in central bank rates will increase home loan EMIs. Borrowers would do well to follow a disciplined approach- scaling up the down payment and negotiating for zero foreclosure fees.
June 24, 2022 / 09:44 AM IST
Mortgages are not as low-priced as they were till recently, not any more. In a scenario marked by a revision in RBI’s policy stance, home loans are getting dearer. The result is already reflected in higher EMIs, which has stretched family budgets. In this context, and keeping in mind the needs of new loan-takers, the average individual will do well, if he disciplines himself and follows a few simple norms.
Scaling up his down payment, not deferring interest payments and…