- Category: news
- Published: Saturday, 25 March 2017 00:34
- Written by Krishna
I am sure all of you must have gotten phone calls on reducing interest rates. However, all these reduction in interest rates happen only for new borrowers but not for old borrowers. Those of you who have taken home loans before April 2016 would be paying higher interest rates than the users who are registering now. If you are paying a higher interest rate, you may be doing so because you might still be paying based on base rate interest rates and not MCLR. We have explained the difference between both interest rates in the article 'Paying higher interest rate than your friends? Change to MCLR and cut your losses'.