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UIn 2016 my father took a home loan in dhfl of 31 lakh rupees under floating interest rate for 20 years and after couple of years dhfl has been shutdown and transferred our home loan to piramal finance.
Our EMIs are getting increased because of rbi continuously announcing of repo hikes since our loan is under floating interest rate but when I looked into app the loan duration has been increased to 30 years. How could that happen ? They didn’t even told anything to us regarding increasing loan duration when my father talked to some people they told either emi increase or duration increases but in our case both emi and tenure has been increased. What should I do ? How can we get back our home loan to its original tenure ?
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SHi There is no fraud. I had similar floating rate loan and every rate increase let to tenure of the loan getting increased. I was also similarly placed and staring at a 30 year loan period. Then I tightened my belt, sold off my 800cc old car and bought a more fuel efficient small car cash down (no repair, better mileage) bare minimum interiors in the new house, increased principal repayment (like paying double EMIs) every other month and gradually brought things under control. No HFC can afford to do a fraud. Most of the time it is our ignorance of loan documents and how things actually work.
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