Tuesday

Indian mortgages get expensive

ICICI Bank Ltd., raised the benchmark interest rate on all floating-rate loans, including mortgages, by 1 percentage point to 12.75 percent, thanks to the Indian central bank's monetary policy. This move came on top of a similar increase in February, and a half-percentage-point one in December. Central bank is punishing homeowners with higher interest rates and the government is rewarding them with big tax exemptions. There seems to be no clear policy on this issue. With the Indian growing at 9% /yr the interest rate relief may not come to India for some time.

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