By Kapildeo Singh

MEET Jaidev Iyer, a mid-management professional with a media company in Mumbai. In April 2007 he took a 20-year floating rate loan of Rs 44 lakh, to purchase a two-and-a-half bedroom-hall-kitchen flat in a Mumbai central suburb.

But home loans with floating interest rates can be tricky; the moment you take  the loan, the rate seems to start climbing upwards. As luck would have it for Jaidev  within months of taking the loan, the interest rate went from 9 to 10.5 % per annum. So, Jaidev decided to refinance his loan.

Photograph is for representational purposes only.

Photograph: StockXchnge