The guidelines of Reserve Bank of India on the base rate for Home loans have favored the loan borrowers by helping them get a reduction in the interest rates. The change, however, will be implemented w.e.f from December 2010. It will help the borrowers to compare the interest rates offered by various banks and choose one as per their convenience.
The prevalent home loan EMI’s deduct a major chunk of the income of the borrowers, thereby making it a profitable deal for the lenders. A hike in the interest rates was seen from 7% in 2005 to almost 13 % off late. Despite this, the bankers still are luring the borrowers. Although, the RBI has been lenient to the banks who had asked for a stipulated time span to implement a degree of transparency, due to deficit profits, it was left to wonder that how many banks did not make profits. The fluctuating interest rates leave the borrowers in a dilemma to take up a loan or to wait for the interest rates to deteriorate.
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