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Article DetailsRBI effect: Home loan rates may go up |
| Date Added: February 07, 2009 11:50:51 AM |
| Author: |
| Category: Health Directory: Job and Employment Resources |
| Interest ratesare going to shoot up as the Reserve Bank of India (RBI) has hiked Cash Reserve Ratio (CRR) by half a per cent. Analysts say this is going to have a cascading effect on loans given out by banks. RBI hikes CRR by 0.5 per cent Interest rate hike likely to be more So, expect rates of home loans and personal loans to rise as well. The RBI has decided that banks have to increase - the Cash Reserve Ratio - or the amount of cash they have to keep with the central bank. The catch is that banks won't earn an interest on this amount. So, while the RBI's rate has been hiked by half a percent, the interest you may have to pay is likely to be more than that. |
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