Yesterday’s post - “ICICI Bank ups home loan rate by 1%” --- was mistaken,, and deleted by the blogs team. Luckily, I saw your query on the blog late evening before it got deleted, and wanted to reply this morning.
I hope you find this response, and the following points would help you:
If your friend has taken a home loan before two months or even two years, then your friend is surely affected by this increase, nomatter if he's taken a "floating" or "fixed" type.
If you have taken any other loan apart from home loans, then you will not be affected.
If you take a new loan, no matter home loan or any other, then the new rates (increased) will be forced on you.
Right now, it is always better to take a “floating” home loan (if at all you can afford taking a home loan). The “fixed” is never a “fixed” but is always revised, hence there is no much point in opting for it. Most of the banks give you “one” chance… only once chance, for you to jump from ‘fixed to floating’ or ‘floating to fixed’ after which you are bound to stick to it throughout the tenure or till the balance paid.
Pls. feel free to post comment if you need any further information.
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ICICI Bank, HDFC hike rates to absorb RBI shock
Hi…
Yesterday’s post - “ICICI Bank ups home loan rate by 1%” --- was mistaken,, and deleted by the blogs team. Luckily, I saw your query on the blog late evening before it got deleted, and wanted to reply this morning.
I hope you find this response, and the following points would help you:
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