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Date : Feb 18, 2009

Question

Dear Mr. Roogta, I have taken a home loan of Rs. 4,00,000 from HSBC in the year 2004 (floating rate 7.5%) Since then, the bank has consistently increased the interest rate and also the EMI and the tenure very proactively, everytime RBI increased the CRR/Repo/Rev.Repo, etc...., with the current interest rate being 13.50% Now that RBI has brought down the CRR/Repo rate/ Rev repo, the bank has so far not yet brought down the interest rate. Kindly advise what action can be taken on them. Thanks and Regards, Manish Shah

Answer

Interest rates on home loan are decided by the banks board of directors. So contrary to the popular opinion, RBI does not decide interest rates levied by banks.If you have surplus funds, you can make partial prepayment towards the home loan. This will help reduce the total looan princiapl outstanding.

 

 

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