Reserve Bank of India (RBI) would bring in greater transparency in the resetting of the interest rate on equated monthly installments (EMI) for floating-interest loans. At present, loan seekers can switch from floating and fixed interest rates and vice versa but have to pay a nominal conversion fee which varies between _______of the total home loan amount.
Reserve Bank of India (RBI) would bring in greater transparency in the resetting of the interest rate on equated monthly installments (EMI) for floating-interest loans. A floating interest rate is a rate that varies or changes along with the changing market conditions as opposed to a fixed interest rate which remains the same for the entire tenure of the loan. The new framework will allow borrowers to switch to fixed interest rates from floating interest rates. This would provide relief to borrowers of home, auto, and other loans reeling under the impact of high interest rates.The framework will require Regulated Entities to (i) clearly communicate with borrowers for resetting the tenor and/or EMI; (ii) provide options for switching to fixed-rate loans or foreclosure of loans; (iii) disclose various charges incidental to the exercise of the options; and (iv) ensure proper communication of key information to borrowers. At present, loan seekers can switch from floating and fixed interest rates and vice versa but have to pay a nominal conversion fee. The fee varies between 0.50 percent to 2 percent of the total home loan amount.
Which of the following online shopping companies have become the first one in the market to lose $1 trillion in Market value.
India’s first 3x platform wind turbine generators (WTG) have been installed in which state?
In May 2021, N Rangaswamy became CM of Puducherry. He became the CM of Puducherry for the ____ time.
Which bank has recently partnered with IRCTC to launch a co-branded travel credit card?
Who has been crowned as Miss India World 2022?
In the recent Brazilian F1 Grand Prix championship who became the winner of the year 2022?
On the occasion of the _____Birth Anniversary of Netaji on 23rd January 2023, a campaign ‘Main Bhi Subhash’ to create awareness of Subhash Chnadra B...
In Feb 2024, who was appointed as the President of the Institute of Chartered Accountants of India (ICAI)?
The management of East India Company was vested in the hands of?
Which country secured the second position in the Global Fish Production 2022?