Home Loan New Rule: These days, everyone dreams of a permanent house of their own. Hence, people take home loan from banks or other financial institutions to build their permanent house. If you have also taken a home loan or are thinking to take a home loan, then you should check the new home loan rules of RBI for your information and knowledge.
The loan amortization period has been increased for most home loans because interest rates have been continuously hiked over the last year. Because of this, the borrower will have to pay excess money. Keeping this in view, the Reserve Bank of India recently issued new guidelines regarding home loans. Let’s know about it in detail.
increase home loan emi
It should be known to you that when interest increases on the loan by and large all or most of the borrowers tend to increase the EMI duration rather than increasing the amount EMI, causing the borrower to pay much. It does not have to be told that most banks or financial institutions sanction loans to the public on an EMI duration increase basis instead of an EMI increase which benefits very much to the bank. Thus keeping this in mind, the Reserve Bank of India has issued such new rules.
Under the new regulations, the bank will have to inform the borrower in detail that if you increase the EMI period, you will have to pay some extra charges. In case the borrower agrees to it, only then may the bank increase the EMI period.
RBI issued new rules on home loans
Recently, the Reserve Bank of India has issued new rules regarding home loans stating that banks and financial institutions while giving home loans should also give the option of increasing the EMI period and increasing the EMI value at the time of changing the loan interest rate. By doing so, the customer would not face paying additional charges.
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