Since home loan is mostly sought once in a lifetime and the amount involved is usually huge, it is needless to say that utmost care should be taken to select the right loan. The loan seeker must do a thorough assessment of the financial needs in the near, medium and long term future of his/her family along with aspects like job security, chances of income going up or down in the future. Doing a thorough assessment of these factors is important because the EMIs can go up if there is worsening in any of the above aspects. For example, banks can increase the markup rate (Banks now lend on MCLR plus a markup rate) for a customer anytime during the tenure of repayment if there is deterioration in the credit risk profile of the customer, causing the EMI to go up.