In 2000, the EMI rate was 8.25 per cent. But it rose to 9.25 per cent in 2004. It took another leap in 2008 and reached to almost 10 per cent. The rate was again jumped to 10.5 per cent in 2009.
Kirti Virola took the loan of Rs 3 lakh. With EMIs going up, his monthly expenses were higher than his income. Therefore, he decided to repay the entire loan. Kirti now thinks that he cannot buy another flat as the EMI rates are reaching 12 per cent these days. He is terribly disappointed.