06 Feb '11, 10am

India's home loan rates set to rise

India's home loan rates set to rise

NEW DELHI: Interest rates on home loans in India are set to go up as the country's central bank recently hiked its lending and borrowing rates by 25 basis points. This will affect the budgets of families already battered by high inflation. Moving into their own home after 10 years was a dream come true for Mr Ravindranathan and his wife Ms Reshmi. But the dream is slowly turning sour for the Delhi-based social researchers. Mr Ravi booked a flat with the Delhi Development Authority two years ago, for which he took a home loan of about US$55,000. With the global downturn and rising costs, though, much has changed in these last two years. His loan has gone up by three percent but his income has not risen much. He says 70 percent of his and his wife's salary goes towards repaying the loan, leaving little for their household budget. Mr Ravi said: "The slump happened. Housing se...

Full article: http://www.channelnewsasia.com/stories/southasia/view/110...

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