When buying a property, it’s best to pay 30-40 percent or even more of the property cost as a down payment. An increase in interest rate can derail your finances if your EMI is already equivalent to your monthly savings.
Home loans typically entail significant sums and lengthy tenures, resulting in borrowers paying substantial interest, which is impacted by current interest rates and the loan s duration.
Home loans often involve substantial amounts and extended terms, with borrowers paying considerable interest, influenced by prevailing rates and the loan duration.
Home loan borrowers have seen one of the steepest hike in interest rates to the tune of 2.5% which has pushed up the home loan EMIs by more than 20% and total interest payout by over 40% for many home loan borrowers. What home loan borrowers should do now as the RBI has decided to keep the repo rate unchanged.