Home loan tenures jump to over 50 years on rate hikes
SummaryThose who opted for floating interest rates now face inflated EMIs or longer loan tenures.
Home loan borrowers are aghast. The recent rate hikes by the Reserve Bank of India (RBI) has multiplied the misery of those who had opted for a floating interest rate on their loans. They now face a manifold increase in loan tenure or need to shell out more money for their equated monthly instalments (EMIs) to stick to the original loan tenure. “My bank wants me to keep paying my home loan till I’m in my mid-70s. It has increased the loan tenure from the original 230 months term to 345 months," says 43-year-old Ravi Korukonda, a resident of Hyderabad.