Mr. Ranjeet Mudholkar, Vice Chairman and CEO, FPSB
India on the Fourth Bi – Monthly Monetary Policy.
“On account of the RBI keeping rates
unchanged the financial consumer’s best bet is to try to take advantage of the
expected festive loan offers which the institutions may come up on account of
competition among themselves.
At the moment the average home loan interest rate
is around 8.5 per cent with several banks having reduced their MCLR (marginal
cost of funds based lending rate), and not many are expected to lower them any
further in the immediate future.
However, notwithstanding the temptations one
should ensure that due adoption of the One-Third Rule viz. no more than 1/3 of
the Income should be used for paying the debts, expenses within 1/3 of the
Income range, and ensuring that 1/3 of the Income is allocated towards
investments.”
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