Impact of increase in home loan interest rates on home loan emi in India

Home loans are long-term loans that continue over a number of years, hence implications of even a small change here can be quite big, especially when it is related to interest rates.

Arjun had taken a housing loan of Rs 10 lakh for 15 years at an interest rate of 7.5 per cent a couple of years ago. Even though he has paid off a small part of the loan over a few months, the rising floating rate has ensured that he actually has more than 15 years to go for his loan. His bank is now asking him to repay some capital on the loan.

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