Do you know your home loan interest rate?

RBI and NHB have both acknowledged the market practice of Indian lenders is to charge higher rates to old home loan consumers, while providing lower rates to new ones

A new client mentioned the loss on a mutual fund investment of Rs 15 lakh. He had made systematic investments in equity mutual funds, acting on the advice of his previous financial advisor. While going through his profile, we noticed he also had a home loan of Rs 75 lakh which he had taken about three years ago. Apart from knowing his monthly EMI (equated monthly instalment) which was Rs 74,000, he had no idea about his loan amount due, as well as the interest he was paying on it. However, he vaguely remembered the lender had increased interest rates. A little digging showed the interest ...