I had taken a loan from HDFC at a floating rate. When the interest rates increased last time my EMI and tenure was increased. Now I have read that HDFC interest rates have come down by .25 -.5 percent. Should my EMI or tenure not be recalculated based on this decrease? Why is it that my floating rate inc but it does not decrease ? Am I being cheated by the bank.
Re: Will reducing interest rates cut down my EMI or tenure ?
by Vijay P. Satpute on Mar 11, 2011 03:33 PM Permalink
Of course it should decrease with the decrease in the Interest Rates. How ever it may require a Request letter from your side.
