Banks may specify interest reset times on the drifting rate loans and now have year reset clause.

Banks may specify interest reset times on the drifting rate loans and now have year reset clause.

The periodicity of reset is just one or lower year. The MCLR prevailing regarding the time the mortgage is sanctioned would be relevant till the following reset date, regardless of the alterations in the standard throughout the interim duration.

For many MCLR-linked mortgage agreements, the banking institutions reset the attention price after one year. Therefore if some body has taken a mortgage loan from the bank, state in May 2016, the reset that is next will likely be in might 2017. Any revisions […] Read more