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 2 years, 8 months ago.

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  • #48134

    Sukesh Singh
    Member

    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?

    #48135

    Vicky Mehta
    Member

    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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