Need A Financial Product Forums Loans Why the amount of EMI has increased on changing bank

This topic contains 1 reply, has 2 voices, and was last updated by  Sukesh Singh 3 years, 2 months ago.

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    Sukesh Singh

    I have initially borrowed home loan from SBI under SBI maxgain home loan scheme for 20 years. I was paying EMI of Rs. 8,232. Then due to certain reasons I changed my bank and now I am paying EMI of Rs. 9,314. I am confused on how an increase in EMI is possible just because of bringing a change in one bank to another. Is it possible?


    Vicky Mehta

    This may have occurred due to one out of two reasons. Your rate of interest must have increased. There is a reduction in the tenure of loan. Check with your loan serving branch.

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