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Rising EMIs to burden 6000 cr on the borrowers

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Loans of the banks and from other related financial organization has an immense impact on our daily life to full fill various needs. But the sky touching rates of the interest imposed by the bank makes a tremendous hectic situation for the borrowers.
According to the sources of www.propertykhazana.com it is calculated that there will be an annual burden of Rs 6000 crore on the home loan applicants with such increase in interest rates. The slower economic growth and higher premium of EMIs will increase the pressure more to the lenders of the loans in the market. In last 18 months the Reserve Bank of India has increased its various rates of the policies around 12 times. For the borrowers with reference floating rate has increased up to 200 – 250 bps during present financial term and in counts around 15 per cent rise in EMI for the other borrowers. Despite many reforms on the hike rates by the core team of the RBI, there is no sign of relief yet. For the teaser loans applicant who also has to continue with the same current rate of the market once their favorable period comes to an end which is allotted for a maximum period of 2 – 3 years according to the subjects.
It is also estimated that the borrowers of teaser loan will be affected most as due to the sudden growth of their premium due to the higher rates of interest at present scenarios. The volume of the teaser loans as of March 2011 was around 25 percent that of Rs 5100 billion. A difference of 300 – 350 bps is also marked between the reset and teaser rate of the home loan schemes. There are also expectations on the market to for the rise of NPA levels by 30 bps over next couple of years and then 1.9 percent by the end of 2013.
Source: NIMMA BENGALURU

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