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Are you also losing money?

In this example, the interest rate has increased after three years of loan repayment.

When the interest rate goes up, banks usually increase the tenure of the loan to shield borrowers from rising EMIs. But tenure extension has its own cost as you end up paying a lot of money towards interest payments.

Now in a notification released on August 18,2023, RBI has asked lenders to provide borrowers the options to either increase the EMI or extend the loan tenure, or use both options together at the time of resetting interest rates on home loans.

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