Reduced Rate Of Interest makes this Diwali a great occasion to invest in property.
Loans are now an integral part of our lifestyle and a major chunk of our salaries goes into them. From purchasing a Home to live in, to a Vehicle to drive and even Phones that we use most of us get them via loan. This blog would help you understand the current scenario in Loan Sector.
• With great news from RBI on the 5th of October 2015 by cutting down the rates, existing and potential home buyers are delighted as this means it would bring down the borrowing cost.
• This step taken by the RBI would be a considerable reduction in the EMI that one would pay, for a home loan of 60 lakh for 20 years there would be a cut down by almost Rs 1500, this has given customers huge relief.
• With the latest RBI measures to protect customers with home loans is a proposal to change the way banks determine their `base rate’, acting as a benchmark for all floating rate loans.
• This step taken has been taken by Reserve Bank of India, as customers had been complaining of a raw deal in pricing.
• Reserve Bank of India has been taking various measures in recent years to offer a better deal for home loan borrowers.