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Home Loan Interest Rate: Public-private sector banks and housing finance companies have increased the loan interest rate several times for the past few times. This increase has happened due to the increase in the repo rate of the Reserve Bank of India. Due to increase in interest, the pressure of EMI has also increased on people. In such a situation, people paying home loan have to pay more EMI than before.
If you are also troubled by high EMI and want to keep your EMI stable, then you can do this work in only one way. For this you have to go to your nearest bank and write an application there. This application form will stabilize your loan EMI. If the application is accepted, you can repay the loan on the same EMI.
What will the bank have to tell in the application?
You will have to contact the loan department by visiting the nearest branch of the bank. Here you will have to make an application and give information that you want to reduce your home loan EMIs and want to increase the tenure of your loan. After this the bank staff will check your application and then the tenure of your loan will be extended further.
What information has to be given in the application
It is necessary to give complete information during the application. You will have to provide information about your loan. Along with this, the number, address, name and other information of the account linked to the loan will have to be given. If necessary, the bank employee may also ask for any certificate for identification from you. Also, in the application form, you have to clearly write that you want to pay the loan on this EMI for a longer tenure than before.
Increasing EMI is a better option!
People are advised that if they are paying their EMIs and the loan has become costlier, then increasing the EMI of the loan can be a good option in order to finish your loan at the earliest. This will reduce your tenure. Although you must have enough money for this.
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