BANKS WILL TIGHTEN HOME LOAN SANCTIONS AND INCREASE SOME EMIS UNDER RBI’S NEW RULES

Borrower loan eligibility could drop while banks and finance companies will be forced to hike the EMI (equated monthly instalments) for some home loans when interest rates rise under the RBI’s new rules. Banks will henceforth have to give borrowers the option of shifting to a fixed rate loan at the time of reset of interest rates.

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