Mayur Parikh, ABP News Correspondent
Tuesday, 13 March 2012 13:31
Mumbai: It has become extremely impossible for a common man to even dream about his own home these days due to soaring loan rates. For South Mumbai's 44-year-old Kirti Virola, his own home is a distant dream. He is presently working in BMC and his income is stable. He is having a wife and two children. In the year 2000, he thought to buy a flat. He bought a one BHK flat in Mumbai's Nalasopara according to his budget. He took home loan in order to buy this flat.
In 2000, the EMI rate was 8.25 per cent. But it rose to 9.25 per cent in 2004. It took another leap in 2008 and reached to almost 10 per cent. The rate was again jumped to 10.5 per cent in 2009.
Kirti Virola took the loan of Rs 3 lakh. With EMIs going up, his monthly expenses were higher than his income. Therefore, he decided to repay the entire loan. Kirti now thinks that he cannot buy another flat as the EMI rates are reaching 12 per cent these days. He is terribly disappointed.
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