Home mortgage rates of interest have gone up from 7% to virtually 9.5% in simply the final 9 months.
By default, banks will maintain your EMIs unchanged. they’ll enhance your mortgage interval. And that may be a TRAP. Let me clarify.
as an instance you’ve gotten a mortgage of fifty lacs for 15 years and (at 7% rate of interest) you’re paying 45000 EMI.
Now as a result of the rates of interest have gone up from 7 to 9.5%, what banks will do is to maintain your EMI 44,941 however enhance mortgage period from 15 years to 22 years. This will value you further 41 Lac curiosity
What you are able to do is to ask the financial institution to Increase your EMI to 52,000 on this instance and maintain the mortgage period the identical 15 years. This will value you further 13 lacs so a saving of 28 lacs.
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