Daybreak Could your home loan lender be stealing from you? The secret EMI inflator you didn't know about
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Jan 6, 2025 Real estate prices are skyrocketing, with a Gurgaon penthouse selling for an astonishing Rs 190 crore. The podcast reveals the unsettling truths behind home loans, including hidden costs often overlooked by borrowers. Personal accounts highlight the deceptive nature of bundled insurance policies, swelling financial burdens unexpectedly. Experts caution against lenders' pressures to buy unnecessary insurance, encouraging listeners to scrutinize agreements and know their rights. It's a wake-up call for potential homeowners navigating the complex market!
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Debayin's Home Loan
- Debayin, a lawyer turned journalist, wanted to buy a flat in Noida for ₹1.2 crore.
- He secured a home loan for ₹32 lakh at 8.35% interest from Bank of Baroda after comparing rates with HDFC Bank.
EMI Discrepancy
- Debayin's agent quoted a monthly installment (EMI) of ₹31,000, 30% higher than his calculated ₹24,000.
- This discrepancy alerted Debayin to a potential issue with his home loan.
Sneha's Experience
- Sneha, from Gohadi, experienced a similar issue with her SBI home loan.
- She unknowingly paid inflated EMIs via auto-debit, realizing the ₹4,000 discrepancy only after a few payments.