I have taken a loan of 1230000/- on 7.25 % Rate of Interest. Till now my EMI has not been increased. But people are telling nothing is called Fixed Rate ,Bank can increase the rate any time without giving any reason.Every three years the Fixed rate of interest is revised. Can you tell me the truth ? What should i do now to take care before hand ? Many Thanks for your reply
RE:What about fixed Rate of Interest ?
by annu chandra on May 01, 2007 12:28 PM Permalink
home is fixed for 3 years and by paying penalty of .5 % it can be extended from 3 to 5 years.
every 3 years their is revision of interest rates, now interest rate is at its peak, but it will come down by 1 % by next 6 months.
RE:What about fixed Rate of Interest ?
by Salil Kumar on Apr 30, 2007 03:14 PM Permalink
I had paid a 2% penalty and shifted to fixed rate 2 years back, at 7.25%.. Turned out, it was the smartest financial decision I took in a decade.If the bank wants to increase the rate, logically, they ought to pay a penalty too.. Any views on this?
RE:What about fixed Rate of Interest ?
by Nand Gupta on May 05, 2007 05:09 PM Permalink
the fixed rate is most fixed for the entire tenure of the loan. I may be fixed for 3, 5 or 7 years and then the bank can revised the rate of interest. You should check with your papers whether its a Full fixed or partial fixed loan
RE:What about fixed Rate of Interest ?
by kishore giduturi on Apr 30, 2007 03:38 PM Permalink
Is it a home loan or a personal loan of 1230000 noushi ? There is no floating rate for personal loan
