Why is the reset done from January 01, 2009?
For all home loans with first disbursals before 4th July 2006 the rate of interest will be reset on a QUARTERLY basis. The reset dates for effecting the rate of interest changes for the above mentioned existing customers would be January 01, April 01, July 01 & October 01. Thus, the change in the rate of interest will be effective from the next reset date i.e. from January 01, 2009. For all home loans with first disbursals on or after 4th July 2006 the rate of interest will be reset on MONTHLY basis. The reset dates for effecting the rate of interest changes for these existing customers will be the first date of the coming month after reset. Thus, the change in the rate of interest will be effective from the next reset date i.e. from January 01, 2009 as applicable. Thus, in the current scenario, if you have taken the 1st disbursal before 4th July 2006 and if you have taken the 1st disbursal on or after 4th July 2006, the reset for both will be done on January 01, 2009.
