EMI, Personal Loans, Job News for Home Loans, Such High Interest Rate Management, Benefits

EMI, Personal Loans, Job News for Home Loans, Such High Interest Rate Management, Benefits

EMI, Personal Loan, Home Loan: Here are some tips to help you protect yourself from rising interest rates.
EMI, Personal Loans, Job News for Home Loans, Such High Interest Rate Management, Benefits

EMI, Personal Loan, Home Loan: If you are going to take home loan or personal loan or are already paying EMI loan, then this news is very useful for you. As you may know, the RBI on Wednesday increased the repo rate by 40 basis points to 4.4%. EMI on home loans will soon become more expensive. The RBI may raise the repo rate further in the coming months. It is likely that the RBI may increase rates by 150-200 basis points this year alone. This will put a lot of pressure on the pockets of the families who have taken home loans. Significant increase in EMI is expected. The immediate effect of the increase in repo rate by the RBI governor will be an increase in interest rates charged by banks. If the home loan rate increases from 7% to 9% (an increase of 200 basis points), the EMI on a loan of Rs 5 million for 15 years will increase by Rs 5,772 per month. With the decline in income due to CoVID-19, it will be a big blow to household savings. Here we are telling you what you can do to protect yourself from rising interest rates.

5 Things You Can Do To Save Money

1. Currently, since fixed deposit (FD) rates are low and range from 3.1% to 4.1%, home loan customers can repay a portion of their debt below their FD.

2. Rates are expected to remain low in the near future. Consumers can also increase their EMIs for the next 12-18 months to minimize the effects of the rate hike.

3. Profits on FDs are relatively low compared to current inflation levels, so people may go for more short-term investment options (PPF, etc.) instead of long-term investments.

4. The stock market is giving good returns to investors. With proper guidance and research, the market can become an attractive place to invest. The return should be more than 7% to control inflation. According to experts, the decline in the stock market should be seen as an opportunity to buy more shares.

5. Investors should diversify their portfolio by adding more equity instruments and mutual funds as this will lead to better tax management.


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