Now more expensive Home and car loans

Wednesday, July 27, 2011

The catalyst of all this is the Reserve Bank of India's decision to raise key policy rates by 50 basis points. This is its 11th successive rate hike in 15 months.

Home loan buyers have already seen interest rates rise by 1.5-2 percentage points within a year from 9.5% to around 11.5%. If the rate is increased further to 12%, the EMI on a 20-year loan will rise from Rs 934 (at 9.5%) to Rs 1,101 per lakh. On a Rs 50 lakh loan, the monthly instalments will increase by Rs 8,465 from Rs 46,585 to Rs 55,050. This is equivalent to a staggering 18% increase.

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