When banks increase interest rates on home loans, they allow borrowers to maintain the same equated monthly instalments (EMIs), while extending the home loan tenure.
However, Priya Mazmudar's bank has increased her EMI by Rs 3,000 rather than extending her loan tenure.
For Mazmudar, this comes as a double whammy.
Her 20-year loan tenure has already been extended twice in the past one year, and now, she needs to pay an extra Rs 36,000 every year.
Text: Business Standard