What You Should Know About Your Housing Loan
When there is an increase in the Prime Lending Rate (PLR), the interest rate on your loan will also go up, and your repayment would be higher. However, in most cases, financial institutions would allow you to pay the fixed amount of monthly repayment (EMI) throughout the loan tenure and would constitute any adjustment caused by the variation in interest rate by increasing or shortening the loan tenure, as the condition maybe. Also, do notice that the PLR will soon be replaced by the Base Rate (BR) from July 2010 onwards. More information: First Time Home Buyer Programs
