HDFC Home Loan - Lower ROI

[RM95]

I have a home loan with HDFC. It started at 7.5% ROI, but gradually increased to 9.15% now. When I visit HDFC website, I see their HL starts from 8.5%.
I have a CIBIL score of 799.

Can I request them to decrease my ROI to 8.5% based on my CIBIL score?
Is this possible? If so, who do I mail?

 

[kunal05]

Yes, it is possible.

Visit your home branch where you have taken loan and tell them other banks are offering transfer at lower rate. Put a written application to reduce your rate. You would also need to attach your latest payslip, aadhaar and PAN photocopy.

Beware that it might require you to do multiple followups as this requires approval from top. Also depends on how influential your branch manager is.

 

[psmangat5]

I have a home loan with HDFC. It started at 7.5% ROI, but gradually increased to 9.15% now. When I visit HDFC website, I see their HL starts from 8.5%.
I have a CIBIL score of 799.

Can I request them to decrease my ROI to 8.5% based on my CIBIL score?
Is this possible? If so, who do I mail?

well I don't think so. there's many components now a days which make your ROI collectively, Repo rate is updated every quater. some part is updated ever year based upon your cibil, some part is updated every 3 years (it will remain same for you even if bank has reduced it) so you can go and talk but these new ROIs are just a click bait for new customers, also you can ask some other bank to take over as they will provide lower rates (you are a new customer for them) but processing, legal valuation charges will apply.

 

[itsAdityaGoel]

I have a home loan with HDFC. It started at 7.5% ROI, but gradually increased to 9.15% now. When I visit HDFC website, I see their HL starts from 8.5%.
I have a CIBIL score of 799.

Can I request them to decrease my ROI to 8.5% based on my CIBIL score?
Is this possible? If so, who do I mail?

I was in similar situation earlier. I started with 6.8% and it went to 9.05%. It is very easy to reduce ROI.

Log in to your HDFC portal (https://portal.hdfc.com/login)
Proceed to loan details -> request -> conversion enquiry

I paid a small fee and interest rate went from 9.05% to 8.35%

 

[xinmushert]

I have a home loan with HDFC. It started at 7.5% ROI, but gradually increased to 9.15% now. When I visit HDFC website, I see their HL starts from 8.5%.
I have a CIBIL score of 799.

Can I request them to decrease my ROI to 8.5% based on my CIBIL score?
Is this possible? If so, who do I mail?

I faced the same situation for a home loan. I mailed the customer support team @ customer.service@hdfc.com and asked them to reduce the Interest for the loan. I also mentioned my credit score and the interest rate offered to the new customers. The team charged me some 2k rupees and reduced the ROI. I was given an ROI discount even though I had only asked for the rate mentioned on the website. Thus my new ROI was (website ROI - 15 basis points).

Just drop an email to the team and pay the fee amount and the new interest rate will be implemented. Since I can see your score is >750 there is a chance that the ROI might me around 15 basis points less than the ROI mentioned on the website.

 

[NewUser]

That's the thing with HDFC. They'll increase the ROI when RBI increases, but won't decrease gradually. You have to pay a small fee every time and constantly monitor the repo rate. One of my friends who had a home loan from HDFC transferred the loan to PNB for this.

 

[catcat]

I am paying Kotak 9.05%. HDFC says they're offering 8.35%. Is it EBR linked? (I'll check that when I meet the loan officer on Monday). If so, isn't it mandatory to reset every 3 months?
Anyone offering below 8.35%?

 

[Sisyphus]

I am paying Kotak 9.05%. HDFC says they're offering 8.35%. Is it EBR linked? (I'll check that when I meet the loan officer on Monday). If so, isn't it mandatory to reset every 3 months?
Anyone offering below 8.35%?

As far as I know no one else is offering below 8.35%. My current ROI with HDFC is 8.4%. I had converted it from 9.2% to 8.4% by paying a conversion fee 6 months back.

You have the option of pegging HDFC by default to EBLR. When HDFC home loan merged with HDFC Bank, it automatically changed existing HDFC Home Loan entity users also to HDFC Bank's EBLR. EBLR is again pegged to the repo rate + spread (spread being more or less constant). Repo rate changes will reflect instantly in the next immediate 3 month reset date.

 

[ayush0010]

As far as I know no one else is offering below 8.35%. My current ROI with HDFC is 8.4%. I had converted it from 9.2% to 8.4% by paying a conversion fee 6 months back.

You have the option of pegging HDFC by default to EBLR. When HDFC home loan merged with HDFC Bank, it automatically changed existing HDFC Home Loan entity users also to HDFC Bank's EBLR. EBLR is again pegged to the repo rate + spread (spread being more or less constant). Repo rate changes will reflect instantly in the next immediate 3 month reset date.

Do we get the option to keep the same EMI?
When I check online, the rate offered is lower than what I currently have but the tenure is pre-selected, with no option to modify.

 

[Sisyphus]

Do we get the option to keep the same EMI?
When I check online, the rate offered is lower than what I currently have but the tenure is pre-selected, with no option to modify.

Yes. I asked them to keep the same EMI and reduce the tenure. If they keep the EMI constant and reduce the ROI, automatically the tenure comes down for fully disbursed loans. For partially disbursed loans, tenure is reset to the original term duration which really doesn't matter as the actual tenure is still lower since EMI is kept constant - This will come down immediately once a loan is marked as fully disbursed.

 

[ayush0010]

Yes. I asked them to keep the same EMI and reduce the tenure. If they keep the EMI constant and reduce the ROI, automatically the tenure comes down for fully disbursed loans. For partially disbursed loans, tenure is reset to the original term duration which really doesn't matter as the actual tenure is still lower since EMI is kept constant - This will come down immediately once a loan is marked as fully disbursed.

Ok. Is that the case that for partially disbursed loans, the tenure always shows the original term duration from the last disbursement?
My loan is 95% disbursed with last installment pending which would be sometime in 2024 at the time of possession.
Shall I go ahead and request for conversion even if it is increasing the tenure if reset to the original term duration? But will mention that I would like to keep the EMI same.

 

[Sisyphus]

Ok. Is that the case that for partially disbursed loans, the tenure always shows the original term duration from the last disbursement?
My loan is 95% disbursed with last installment pending which would be sometime in 2024 at the time of possession.
Shall I go ahead and request for conversion even if it is increasing the tenure if reset to the original term duration? But will mention that I would like to keep the EMI same.

Yes, you can.

 

[jay_ccjunkie_21]

I just reduced the HDFC Home Loan EMI interest rate from 10.35% to 8.40% by paying a fee of Rs. 2900. Good part is HDFC allowed a change in interest rate instead of a change in tenure by keeping the same EMI. Now my home loan tenure has been reduced to 152 months from the earlier 190 months.

 

[smuff]

Is there a way for SBI home loan interest reduction? Sent email for the same but they are asking to visit branch, can imagine how pathetic response can be.