HDFC is offering 8.50% rate for Home Loan Balance Transfer

[vaibhavpp0707]

Hi Everyone,
I am looking for my home loan balance transfer. Currently my home loan is running with 9.10% ROI with Axis Bank. And HDFC is running offer with 8.50% (this rate is after latest repo rate increase of March 1st) till 31st March. Should I go with HDFC. Anyone here with HDFC home loan please share ur experience or I need to go with PSU banks like SBI, BOB with slight higher ROI like 8.90%?

 

[paresh22]

But if you go to reduce the rate, they will ask to fill conversion form and charges 1180/-

I think it depends on banks. Maybe some banks are auto reducing but some really need formal application and fees to reduce the interest rate

 

[Mr. Aman]

I think it depends on banks. Maybe some banks are auto reducing but some really need formal application and fees to reduce the interest rate

in ICICI if you want to reduce so u have to pay charges of 1000+gst

 

[panchabhut]

But if you go to reduce the rate, they will ask to fill conversion form and charges 1180/-

not for me. it is always auto reduced by ICICI when the base rate is reduced. my rate as per original sanction letter is "base rate plus 0.40%". may be they changed the process later.

 

[Mr. Aman]

not for me. it is always auto reduced by ICICI when the base rate is reduced. my rate as per original sanction letter is base rate plus 0.40%

we mean to say whan we reduce banks comission whan I'll take home lone that was
rapo rate + 2.7 and now the are repo rate+ 2.35.

and u are saying the change u only repo rate+ 0.4 is that correct

 

[panchabhut]

we mean to say whan we reduce banks comission whan I'll take home lone that was
rapo rate + 2.7 and now the are repo rate+ 2.35.

and u are saying the change u only repo rate+ 0.4 is that correct

my loan is linked to ICICI base rate, not repo rate. when there is any change I get a mail in this format,

" Dear Customer,
The benchmark reference rate I-BASE* of ICICI Bank loans with floating rate of interest has increased/decreased by X.XX% per annum with effect from ................. In view of the above, the rate of interest for your loan has been revised to X.XX%. "

 

[tsj49]

Currently, I have SBI max gain at 9.45%. Is the reduction possible here? If yes, how much?
I am also thinking to transfer to BoB home advantage. Are there any better options considering it should have OD facility?

 

[caabhi]

Currently, I have SBI max gain at 9.45%. Is the reduction possible here? If yes, how much?
I am also thinking to transfer to BoB home advantage. Are there any better options considering it should have OD facility?

Yes reduction is possible, you can get it below 9%. Consider negotiating with them.

 

[Ankur dhanda]

8.35% with HSBC balance transfer

 

[Satish]

SBI reduced my home loan rate from 9.5 to 8.85 when i told them that i am transferring to other banks as they are offering 8.6.

I had to follow up couple of times and finally they did it.

How did you reach them? Did you send any email?

 

[techsearch]

How did you reach them? Did you send any email?

You will have to visit the home loan branch and give them a written request that you want to reduce the rate and you are getting better offers from other banks..no need to give any proof..the process will take 3 weeks after you give the letter

 

[kjs]

I'll recently reduce my home loan rate in icici
from 9.2 to 8.85 but I'll filed the form for 8.75 so the complaint is raised let's see what happens

Even i got it reduced from 9.1 to 8.9%, below that they are nit ready inspite of cibil 790+ , when does icici bank reduce / increase roi ? Immediately upon changes in repo rate ,?

 

[silly_putty]

SBI reduced my home loan rate from 9.5 to 8.85 when i told them that i am transferring to other banks as they are offering 8.6.

I had to follow up couple of times and finally they did it.

How do you do that, my father's interest right now is 10.95% on HL and we are planning to close it this year, still wanted a bit lower rate of interest.

 

[techsearch]

How do you do that, my father's interest right now is 10.95% on HL and we are planning to close it this year, still wanted a bit lower rate of interest.

If you are doing to close it then it wont make much difference and hassle wont be worth it in that case.

 

[silly_putty]

If you are doing to close it then it wont make much difference and hassle wont be worth it in that case.

yes, contacted sbi and they said i wont have to pay any charges for pre closure.

 

[Deleted member 9785]

interest rates are rising everywhere. Will India see 1-2% more hike