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Why there is no control on Homeloan Rates? An Unbearable Burden On People Like Us

By Unregistered Visitors, Section Ask Questions
Posted on Fri Apr 20, 2007 at 11:52:13 AM EST

I took home loan in August 2004 at 7.25% floating interest rate as suggested by the HDFC agent at that time.
Now I am paying at the rate of 12.25%

All my financial planning is destroyed now.

The authorities are acting like Sahukaar of old days. Is it worth it to increase home loan rate in every 3 months?

I am only 30 years old. And if this is the scene then I am sure that my grandson will be paying the loan and abusing me that dadaji ne karje mein paida kiya aur chhod gaye hame loan chukane ke liye.

Why aren't there any controls on the rate increases of the home loans?

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Why there is no control on Homeloan Rates? An Unbearable Burden On People Like Us | 5 comments (5 topical, 0 hidden) | Post A Comment

No buyers in the market (none / 0) (#4)
by Unregistered Visitors on Thu Apr 26, 2007 at 01:18:01 AM EST

Due to high interest rate people are reluctant to buy properties. What will happend to investor centric market like greaterNoida where 80% are pure investors ?? No buyers means rate will fall further.

[ Reply to This ]

: Greater Noida has already fallen (none / 0) (#5)
by Unregistered Visitors on Thu Apr 26, 2007 at 02:44:26 AM EST

Prices in GNoida have alreay fallen by about 25% in last 10 months. Almost no deals have happened in last 3-4 months for most of GNoida projects. I believe investors shuould start preparing for the day when ready to move in flats in GNoida will be available for under Rs. 1500 psf. That day will come within this year itself.

[ Parent | Reply to This ]

property appreciation enjoy then why sad for IRate (none / 0) (#3)
by Unregistered Visitors on Sat Apr 21, 2007 at 03:06:14 PM EST

Dear Friend,

If guys have enjoyed over property rate appreciation of the order of 200-300%, then why weep for a 4 % interest rate increase.

By the way its a cycle, reality cycle had already reached at the top. so it had to stablise at some stage,,,it can;t be buying market always, its selling market now.

[ Reply to This ]

Rates were 16-20% once upon a time (none / 0) (#2)
by Unregistered Visitors on Sat Apr 21, 2007 at 01:52:30 PM EST

Interest rates were 16 to 20% in early 1990s and HDFC used to be only well known home loan provider in those days. Now we have about a dozen large size banks like ICICI, SBI, PNB, UTI etc. in the market. People have enjoyed interest rates as low as 7.25% for a couple of years.

As the things stand right now, it appears that we are going back to era of 16% plus interest rates. We must thank Congress for its help to "Aam Admi"

[ Reply to This ]

Marriages dont last 20 years these days (none / 0) (#1)
by Unregistered Visitors on Sat Apr 21, 2007 at 05:14:31 AM EST

What to talk of floating interest rates!

You took the bait of low teaser rates! You shouldve taken fixed rates at that time. Anyway you are young so somehow manage for 2-3 years. Interest rates will climb by atleast 3-4 percent from here in these 2-3 years then start coming down. Next time when they come down, the floating rate might come down to 6.5% (4 years from now). If you can hang on till then, then move to a fixed rate around 2011 @ around 7% and live happily ever after :)

Incase you cant hold on, then see if you can sell the house for a profit right now. Make it the banks baby, after all it is a secured loan. India has no credit rating concept so once you let go of this loan, close the bank account from which the cheques were going for this loan and wait a while, you will be able to take another loan from a different bank after 2-3 years (say nationalised bank) who dont do credit history checks.

Anyway the value of the house is going down every hour these days. Renting is so much cheaper than paying this expensive loan!

[ Reply to This ]

Why there is no control on Homeloan Rates? An Unbearable Burden On People Like Us | 5 comments (5 topical, 0 hidden) | Post A Comment

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