Home Loan Refinance: Best time to refinance your housing loan for a lower interest rate Financial Express
Whenever the lending interest rate increases, it directly impacts the EMIs of loan borrowers. A longer tenure and a bigger loan amount have a greater impact on the overall loan repayments.
For example, if you have a personal loan of Rs 1 lakh with a 1-year repayment tenure and the interest rate increases from 10% to 11% per annum, it would result in an increase in the EMI from Rs 8792 to Rs 8838 i.e., by Rs 46 per month, and the total repayment will increase by Rs 552.
