Home Loan EMIs are the most significant expense for both salaried individuals and professionals. In such situations, if your EMI is reduced through an email, it will help you. You will need to send an email to your bank, which will assist in changing the interest rate on your home loan. If you feel your home loan interest rates are high, you can reduce them by simply sending an email.

The Reserve Bank of India (RBI) increased the repo rate consistently last year to control inflation. As a result, the current repo rate stands at 6.5%. Consequently, the interest on customers’ loans has also increased continuously. Presently, home loan interest rates range between 8.5% to 11%.

Lower EMI via Email If you wish to reduce your home loan EMI, you will need to send an email to your bank. It will be necessary to convert the floating rate of your home loan. For this, you will have to pay only a nominal conversion fee. Subsequently, the interest rate on your home loan will be converted to a floating rate. This conversion fee may range from 0.25% to 0.50% of your loan amount. Since the interest rate is floating, if the RBI changes the repo rate, your EMI’s interest rate will change accordingly.

RBI Alters Regulations Recently, the RBI has made changes to rules related to loans. Previously, when the repo rate increased, banks would extend the tenure of customers’ home loans instead of increasing their EMIs. Now, there are restrictions on this practice. For this reason, banks will need their customers’ prior consent. People will have the option to convert their loans to a stable interest rate or a floating rate.

We pride ourselves on our comprehensive knowledge of the real estate market in areas like Mumbai, Navi Mumbai, Thane, as well as surrounding regions such as Karjat, Neral, Vangani, Badlapur, among others. Utilizing this knowledge, we aim to provide our customers with the best available options. Contact MakaanBhai.com now for a secure transaction in your home. We, at MakaanBhai.com, are the top property advisors in Mumbai, offering zero brokerage fees, with our experienced professionals dedicated to guiding you through the entire process.

Information Source: Internet