The hike in the lending rates has made it far more difficult for a borrower to have a home of his own. In last couple of years the lending rates have gone up by 200 basis points or 2 percent; that is very much considering the time window. The rates are still not on hold and are expected to further go up in the time to come.
The basic reason behind the hike in the interest rates is inflation that has kept umbrella body of banking in the country, The Reserve Bank of India on its toes. It tried everything to rein it but with no luck, in the meanwhile the rates shot up and there is no hint that the pace is going to slow down in the time to come.
The effect of the hike in the interest rates has affected the middle class borrowers the most. The amount of their EMIs has gone up with their income being the same; further the hike has deterred people from borrowing loan, considering the present scenario.
But according to the experts of a person can work out for a favorable deal then he must not delay it as the rates are only going to soar there is no intelligence in waiting for them to fit them in to their pockets. If a person has to borrow then he must go for it right away. As a precautionary move a person must try to borrow as less as he can as then he would have a choice to go for another loan scheme if the rate falls in future.
The Managing Director of Marathon Group Mr. Mayur Shah said "Perhaps, if the inflation is tamed, there are chances that the rise in interest rates are likely to come down. In the last 10 years from 2000 to 2010, the interest rate on home loans has shuttled between 8-12 per cent. So, for any new home buyers, I would suggest to calculate EMIs keeping in mind a 1 per cent rise in interest rate. Also, a new home loan seeker should avoid opting for a maximum loan amount offered by a bank or any financial institution. Instead, they must look forward to a maximum of personal funding.”
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