don't know what to do experts say make prepayment but where is the money for prepayment. mu emi has gone uo by 3,500/- per month. am single mother with growing up son.Pl advise. I feel i have to sell the flat and move into smaller flat
RE:rising emi
by VG on Apr 30, 2007 05:27 PM Permalink
Read that Canara bank, Punjab National bank and Oriental bank of commerce are the three govt sector banks offering home loans at much lesser floating rate of interest: around 9.5%. Makes sense to shift the existing loans from the ICICIs, HDFCs and the like to any of the three. What say?
RE:rising emi
by Ravishekhar Mahajan on May 01, 2007 11:35 AM Permalink
This is one discrepancy I have failed to understand. If banks like Canara and PNB can afford to keep the interest rate 9.5%, why isnt it the case with ICICI and HDFC? Any answers? I am sure the govt policy isnt that loose to let these banks come up with their own interest rates.
RE:rising emi
by veerdhaval on May 02, 2007 04:03 AM Permalink
It is a free economy Sir..Nobody complained and asked for govt policy when banks were jumping on each other to give less and less interest rates, now trend is reversed and you want gove intervention..
RE:rising emi
by Kartik Patel on May 02, 2007 07:36 AM Permalink
Don't rush into selling. Wait for sometime (6-8 months). RBI is softening and in medium term interest rates would tend to remain benign. Inflation here is mainly driven by crude prices because crude forms a major part of our import bill. With Rupee gaining strength, imports may become little cheaper and ease down inflationary conditions and so the interest rates.
