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Is it possible for a bank in India to increase the interest rate of housing loan once the contract is signed? |
Is it possible for a bank in India to increase the interest rate of housing loan once the contract is signed? yes, if u select the fluctuate interest scheme.than as & when interest rate increase or decrease ur loan interest is also increaseor decrease. no, in case of stable interest scheme. No, I don't think so. try reading the contract. Don't know, check your settings. Am only to be able to answer UK questions! why am I getting yours. A housing loan is normally called a mortgage and is usually for quite a large sum, repayable over many years. During this time interest rates in general may vary wildly. In the UK you might get a fixed rate mortgage for 3 or 5 years but no more. Much of the government, business and financial arrangements in India follow those in the UK due to our historical role in that country so it's probably the same there. As the above answer says, read your contract. |
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