9 hard lessons for home loan borrowers from the sharp interest rate hikes.

While buying a dream home, most people stretch their budget to the maximum extent to add some more rooms or features. However, this stretching is done keeping the prevailing interest rate in mind. People often do not think about how they will cope with the situation if the interest rate goes up. “It is unwise to overextend oneself with an expensive home loan that may become challenging to pay off,” says V Swaminathan, executive chairman, Andromeda Loans and apnapaisa.com.