By Ashish Hathi I was compelled to take floating mortgage loan in May 2005 at 8.75% with EMI being 15500/-, which steadily started rising and last standa at 13% with EMI at 19500/-. This is before March 30, 2007 rise in CRR by RBI post which bank's have increased the rate by 50 points atleast. My loan period has also increased from 15 years to 18 years. I am awating a killer blow by the bank in the form of a communication. For a common man, this is a fraud by the government itself on common man. They can not control banks from not rising the interest rates, they can not control inflation either. Government is hoping against the hope by relying solely on money control to curb inflation. Goverment ignores other avenues like black money generation, malpractice by distributors to hoard goods, raiding income tax defaulters etc. Wish to convey that our back has now broken and any further unwarranted rise in interest rates will compell us to beyond our means and may make us defaulter. May good sense prevail on everyone. Regards, Ashish Hathi
