Home Loan Rates are Rising. Here’s What You Need to Do
The era of low interest rates seems to be over with the RBI raising the repo rate by 0.9 per cent in just 36 days. Going forward, home loan rates are expected to cross 8 per cent this year. As lenders raise rates, here’s how you can manage rising home loan EMIs.
Noida-based Jyotika Sharma bought her dream home last year. Property prices were low and the 30-year-old interior designer spared no expense for her dwelling—from a modular kitchen to state-of-the-art bathroom fittings to vibrant wall colours to the latest home appliances, she had it all. Her well-appointed home filled her heart with happiness. Now, it is giving her sleepless nights. Reason: Rising equated monthly instalments (EMIs).