Actually I and my brother both took home loans on 2005 May (given application) , it got sanction by aug 2005 and they started looking at papers, . there were some problem, it took upto FEB 2006 to complete that verification sanction of money. In Mar2006 We got money. When we first given our application the rate of interest was 8.5% floating - april 2005after getting my loan it has become 9% floating- Jan 2006 - mar 2006. Then when I saw the tenure, it got changed , first it was 180 months, then it got increased.. now to 285 months... :(
I am scared.. how can I do this..? repay 285 months...Can any one advice me? how can we afford such hikes in rate of interest and tenure.. really how can we repay with our indian salaries, .. If anything we ask, RBI rules they will tell.. is RBI is a regulator or a political party.. RBI is functioning like a parlament.. with all -ve attitude to the customers.I advice to all home loan takers, stop taking loans .. never go to ICICI.. Never trust Private banks.. Will we overcome all these difficulties? Will the rate of interest decrease in future?If YES, then when..
Thanks
kiran