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  •   Tue, Oct 16 2007 03:32:48 PM

Daijiworld Media Network – Udupi (NR) 

Udupi Oct 16: The government has been urged not to hike the rate of interest on housing loans, so as to ensure prompt repayment of loans. This request has been made by the former councilor of Udupi CMC K Janardana Bhandarkar, in a letter to the union finance minister.

According to Bhandarkar the revision in housing loans by way of increase in interest rates on housing loans has resulted in agonizing hardship to honest borrowers, who intend to repay the loan honestly.
 
In the normal course of events before availing of the loans for housing purpose, the borrowers carefully think over the repayment schedule and options so as to ensure that everything runs as per schedule. 

However, this latest announcement of the upward revision of the interest rates is sure to put a spanner on their well-chalked out budget plans and prove to be a deterrent to all borrowers, Bhandarkar averred. 
  

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Comment on this article

  • Alfred J. Rebello, Kundapur/Dubai

    Wed, Oct 17 2007

    This is good thinking from Mr. Bhandarkar. The interest rate should not be increased to those who already borrowed the loan as per their repayment capacity. If increased, then many will fall in the catagory of defaulters for no fault of theirs. If at all Governamnt wants to increase interest rate then it should be only to new borrowers so they make a homework before borrowing. Once borrowed there should not be any increase in between.

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