Saturday, June 25, 2022
  • Home
  • About Us
  • Contact Us
  • Anti Spam Policy
  • DMCA
  • Privacy Policy
  • Terms of Use
My Pro Blog
  • Home
  • Finance
  • Internet
  • Life
    • Education
    • Food
    • Property
    • Beauty
    • Sports
  • News
  • Tech and Gadgets
    • Mobile
    • Auto Mobile
    • Computer
  • Travel
No Result
View All Result
My Pro Blog
  • Home
  • Finance
  • Internet
  • Life
    • Education
    • Food
    • Property
    • Beauty
    • Sports
  • News
  • Tech and Gadgets
    • Mobile
    • Auto Mobile
    • Computer
  • Travel
No Result
View All Result
My Pro Blog
No Result
View All Result
ADVERTISEMENT
Home Finance

How to Manage Rising Home Loan Interest Rates Post RBI’s Announcement – Find Out Here!

Serlyn Shetty by Serlyn Shetty
4 days ago
in Finance
0
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

The period of historically low interest rates on loans is steadily coming to an end as RBI (Reserve Bank of India) announced a back-to-back hike in repo rate. Initially, a hike by 40 bps was announced in May followed by a 50-bps increase in June, summing up to a total hike of 90 bps. Like previous 2 hikes, it is assumed that you may witness more such hikes in the future. Increasing repo rates has massively impacted home loan borrowers as such loans come with the highest loan proceeds and longest repayment tenure. As most home loan interest rates are available on a floating rate basis, many cannot escape the rising rate scenario.

Home Loan

While you might not have control over the increasing rates, there are various measures you can undertake to manage your housing loan in a manner that does not impact your budget and keep your cost in order. Read on to know –

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Article Summary show
Ideal time for new applicants to opt for a hybrid home loan
See if you fall under the old rate of interest regime
Bargain for a lower interest rate if you have an improved credit score
Ending note

Ideal time for new applicants to opt for a hybrid home loan

Looking to apply for home loan in the current scenario? In case you are a new home loan applicant, then you require taking your time and examining a hybrid home loan where lender endows you loan deals with fixed interest rate for initial few years, post which they begin levying prevailing floating home loan interest rates.

See if you fall under the old rate of interest regime

If you availed a home loan before 2019, it is very likely that your interest rate regime for loan will be BPLR, MCLR or Base Rate. While all current loans are available as per external benchmark interest rate post October 2019, previous loans were permitted to function as per the prevailing system till you applied for a switch to the new interest rate regime. In case you are serving an old loan, you must check its regime and home loan rates. If it is higher than the prevailing lender’s EBR (external benchmark rate), then right now is the correct time to shift to EBR.

Bargain for a lower interest rate if you have an improved credit score

If you have always been disciplined with your loan repayments, now is the right time to ask for the reward. If you hold a good credit profile and credit score, improved occupation profile and income, then you must explore the possibility of substantial interest cost savings by opting for home loan balance transfer. Your improved credit profile might make you eligible for a home loan at a lower interest rate from another bank lender. You may also use the home loan calculator to compare amongst the home loan interest rates and offers available to you by different lenders. Based on your requirement and preference, you may zero in on the appropriate home loan balance transfer lender offering the lowest rates and optimal benefits.

Ending note

While the hike in repo rate has spelled bad news for home loan seekers and existing home loan borrowers, you still may lower your home loan burden by following any of the above-mentioned tips as per your preference.

 

ADVERTISEMENT
Previous Post

How to Install Apps in Computer Windows 7

Next Post

Policy reforms have helped belongings shoppers regain self assurance: Deepak Kapoor

Serlyn Shetty

Serlyn Shetty

While going towards reading some of the blogs, I have learned about Blogging and writing articles of my own.I have started writing on blogs since 2014, and I give my best time in blogging for writing and learning new things daily.If you love my article, then do share with your friends and family hope they will like to read it too.

Related Posts

5 Rules of Money to Stay Financially Fit in 2022
Finance

5 Rules of Money to Stay Financially Fit in 2022

by Serlyn Shetty
May 30, 2022
Lumpsum Vs SIP on ELSS – which is better investment options?
Finance

Lumpsum Vs SIP on ELSS – which is better investment options?

by Serlyn Shetty
May 30, 2022
Why Continue with Your ULIPs Even After The Lock-In Period Ends?
Finance

Why Continue with Your ULIPs Even After The Lock-In Period Ends?

by Serlyn Shetty
May 18, 2022
Enjoy the Bank Holiday with These Fantastic Deals!
Finance

Enjoy the Bank Holiday with These Fantastic Deals!

by Serlyn Shetty
April 24, 2022
Get the Best Car Loan Deals from Citizens Bank
Finance

Get the Best Car Loan Deals from Citizens Bank

by Serlyn Shetty
March 17, 2022
Next Post
Policy reforms have helped belongings shoppers regain self assurance: Deepak Kapoor

Policy reforms have helped belongings shoppers regain self assurance: Deepak Kapoor

Sports Q: What is the most memorable play in Patriots’ Super Bowl history?
Sports

Sports Q: What is the most memorable play in Patriots’ Super Bowl history?

by Serlyn Shetty
June 25, 2022
0

Welcome to Boston.Com’s Sports Q, our daily conversation, initiated with the aid of you and moderated by using Chad Finn,...

Read more
Josh Allen is the 2018 Kentucky Sports Figure of the Year

Josh Allen is the 2018 Kentucky Sports Figure of the Year

June 25, 2022
Sports Page Live Replay

Sports Page Live Replay

June 25, 2022
Can Big Global Sports Come Around to Human Rights Advocacy?

Can Big Global Sports Come Around to Human Rights Advocacy?

June 25, 2022
India vs New Zealand, 4th ODI: Rohit Sharma pockets another 200 in ODIs

India vs New Zealand, 4th ODI: Rohit Sharma pockets another 200 in ODIs

June 25, 2022
ADVERTISEMENT

About

My Pro Blog is being managed by a group of people to update the website regularly.

This blog combines the various topics including the Internet, Social, Life and gadgets Updates.

We are always in the forward of making this blog big with our regular updates.

Categories

  • Auto Mobile
  • Beauty
  • Computer
  • Education
  • Fashion
  • Featured
  • Finance
  • Food
  • Internet
  • Life
  • Mobile
  • News
  • Property
  • Sports
  • Tech and Gadgets
  • Travel

Recent News

Sports Q: What is the most memorable play in Patriots’ Super Bowl history?

Sports Q: What is the most memorable play in Patriots’ Super Bowl history?

June 25, 2022
Josh Allen is the 2018 Kentucky Sports Figure of the Year

Josh Allen is the 2018 Kentucky Sports Figure of the Year

June 25, 2022
  • Home
  • About Us
  • Contact Us
  • Anti Spam Policy
  • DMCA
  • Privacy Policy
  • Terms of Use

© 2022 My Pro Blog - Design and Maintained by WikiBulz.

No Result
View All Result
  • Home
  • Finance
  • Internet
  • Life
    • Education
    • Food
    • Property
    • Beauty
    • Sports
  • News
  • Tech and Gadgets
    • Mobile
    • Auto Mobile
    • Computer
  • Travel

© 2022 My Pro Blog - Design and Maintained by WikiBulz.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.