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Defer, reschedule or switch loan if EMIs have increased: Experts

Here are four ways to deal with a rising EMI burden, all of which will, however, require hard negotiations with the lender

Topics
EMI | Reserve Bank of India | monetary policy committee

Bindisha Sarang 

loans, restructuring, recast, debt, moratorium, credit, lending, banks
If you expect a lump sum in the near future, you can request your bank to allow you to not service the entire EMI.

The Reserve Bank of India’s (RBI) hiked the repo rate by 50 basis points (bps) on June 8, after a 40-basis-point increase in May. According to a recent Knight Frank India report, home loan rates are still approximately 150 bps below 2019 levels. A reversion to those levels would result in an 11.7 per cent increase in the homebuyer’s equated monthly instalment (EMI) load.

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First Published: Sat, June 18 2022. 00:36 IST
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