I purchased a flat availaing a floating home loan of 20 lacs from Canfin homes for a period of 20 years at a prevailing rate of 11.75%. During the 2 year period, until now, the rate has decreased to 10.25%. How will either the EMI or tenure of the home loan get affected or how does the change in rates impact my loan repayment. Thanks for the help
Will the loan tenure reduce if the rate changes?