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LIC housing finance increased the housing loan interest what to do
02-Nov-2023 (In Property Law)
LICHF increased my housing loan intrest rate from 11.0 to 11.5% and it is raised from 10.5 to 11.5% gradually .I paid loan at Rs.15067/= per month for 8 years, now the lichf has increased the EMI to 17190/= around 2200/= is raised per month.I talked to officer if the interest rate is to be reduced i have to Rs.1180/= and tenure will be raised 2 years more . I have to pay higher EMI till existing tenure.How to solve the problem?
It is applicable to all loanees based on new notification or order of the RBI rate of interest. so nothing can be done for the time being. But you can ask them for a complete statement of your loan account and to verify, if they have charged the rate of interest is based on RBI notifications from time to time.
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Adv. Manoj Raghuram
Madurai | 100+ Answers
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When you availed the loan from LIC HFL You might have opted for floating rate of interest whereby depending on the prevailing market rate they can change the EMI. If you want to reduce the EMI you have no option other than to increase the term.
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Adv. G. Asok
Chennai | 200+ Answers
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