The hike in the lending rates does not seem to slow down anytime soon and the people who have borrowed home loan under floating interest rate category are the one who are affected the most out of this interest rate hike, despite being aware of the present market situation a few people might want to borrow a loan, but if they want to minimize the impact of hike then they must be very cautious about everything that they do.
A person who has already borrowed a loan must keep an eye on the fluctuation of the interest rates as the lenders are very quick to increase the lending rates bit they do not show this much readiness when it comes to decreasing the loan rates, so is a borrower is aware of such developments then he can immediately ask his lender to decrease the lending rates.
There are a few other things that can be done to tackle the hike in the lending rates, first is that the lender can increase the loan tenure, as a result of it the amount that the borrower has to pay as the monthly installment to his loan will decrease and it would likely come under a limit that where a borrower can find it easy to make monthly payments.
This might assuage the pressure of rate hike to a great extent but the only disadvantage to this option is that as the time duration of the loan would increase the borrower would end up paying more interest on his loan and this can make the loan to cost a little more than it was expected to cost.
The other thing that can be done here is that the borrower can try to repay his loan as soon as possible and hence he can save considerable amount but this option is not open to all the people as it can be difficult for most of them to arrange for a huge sum of amount to pay as installment every month, but it is definitely a better option than increasing the loan tenure.
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