What difference would it make? Keep reading >>>
Banks must offer fixed-rate loan option during interest rate reset, ensuring EMI covers higher rates
Lenders must assess repayment capacity at elevated rates, preventing loans from becoming burdensome
RBI aims to prevent banks from extending loans excessively after rate hikes, considering borrower's age and capacity
New norms effective Dec 31, 2023, demand lenders disclose key loan details, enhancing transparency
These rules influence various loan types, including property and education loans; focus shifts to affordable home loans
RBI's changes aim to protect borrowers and ensure transparency, while lenders adapt to a changing interest rate landscape