7 03, 2020

Banks may specify interest reset times to their drifting rate loans and now have year reset clause.

2020-05-03T00:08:40+00:00

Banks may specify interest reset times to their drifting rate loans and now have year reset clause. The periodicity of reset is certainly one or lower year. The MCLR prevailing in the time the mortgage is sanctioned will likely be relevant till the following reset date, irrespective of the alterations in the standard through the period that is interim. For some MCLR-linked mortgage contracts, the banking institutions reset the attention price after one year. Therefore if some body has had a mortgage from the bank, state in May 2016, the next reset date may be in might 2017. Any revisions because [...]

Banks may specify interest reset times to their drifting rate loans and now have year reset clause. 2020-05-03T00:08:40+00:00