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Home loan hike
Date - 10th July 07

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The interest rates hike in the past 6 months have lead to much suffering among the home loan borrowers. Biggies like ICICI and HDFC bank who were dominating the market two years ago is now asking the home loan payers to make part repayment of increase their EMIs. But it is belived that the private sector banks are the affected lot and the loans borrowed from the Public sector have not undergone the steep hike. The rising rates have created severe liquidity crunch in the market and its a nightmare for the consumers as well as the banks.

The other way Banks cope up with the rise is by increasing the tenure, but the home loan takers at a later age are agin under pressure as the cases in the active service age is taken into consideration. The normal home loan is for 15-20 years and if a person takes a loan in his late 30s will have to pay installments after he retires.

2-3 years back every other family was planning to buy a home with a home loan, and the Banks came to their rescure providing lucrative offers, but today the banks are trying thir best to pull out the maximim from their consumers

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See I think banks asking existing home loan buyers to pay for the hike in interest rates are unjustified. A two percentage point hike is fine the recent hikes are really pinching the buyers.

The last decade has seen a phenomenal increase in the home loan market in India. The Indian home loan market has grown at a whopping 40% over the past 4 years. Steadily rising income levels coupled with a low interest scenario have been responsible for making a home within easy reach of middle class households. Well, if you are considering going in for a house and want to know how to go about it, look no further.

In March 2000, the interest rates on home loans were about 14%; which started falling quite steeply. By the last quarter of 2003, the interest rate (floating) on home loans fell to 7%. Again the loan interest waves have splashed to a high of around 10.00% (floating rate of interest) in January 2007. This hike is dramatic; considering that it is a jump of 3.50% since the historic low of 7% reached in 2003.

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