sir
as regards your problem most customers are lured byjargons like fixed rates and floating rates
fixed rate means the rate charged to you will be fixed one irrespective of the change in baserate or benchmark lending rate. besides that you have to scrutanise your banker about the interest rates and its rests. in certain cases the banker will charge you a fixed rate od 9.5% with annual rests.in such cases though your emi states reducing balance every month the interest portion will be worked out on annual basis .or the wiseversa in any case your repayment will differ accordingly.
in floating rate the agreement will be the primelending rate plus or minus certain basis points. these floting rates are fixed upon the institutions according to their requirement of spread and so they may either alter your installment amount or change your tenure depending on the circumstances
hence i request you to scan throug your credit sanction letter and then approach for an amortaization chart, and then based on the information you can rework and bring to the notice of the mistake in their work sheet and request them
to modify
the same

srinivasam
madurtai

Answered by Srinivasan, on Oct 23 at 3:55 pm

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