What is your current home loan rate of interest?

[ChurningNoob]

Please specify the bank name as well, I am planning to do a balance transfer due to my current high rate.

SBI - 8.95%

 

[ChurningNoob]

Will there be any charges to change loan bank ?

Around 0.1% of loan amount

 

[Patil007]

Around 0.1% of loan amount

Oh.

 

[Digvijay]

Will there be any charges to change loan bank ?

No, most banks offering loan transfer with zero processing fees and minimum documentation.

 

[R!ppEr]

8.65% with ICICI the repo hikes are burning a hole in the pocket!

 

[Patil007]

8.65% with ICICI the repo hikes are burning a hole in the pocket!

Yes

 

[techsearch]

Mine was also 8.95 in SBI, Now transferring my loan to Kotak 8.3

did you transfer your loan to kotak or SBI offered lower rate after transfer query ?

 

[techsearch]

9% SBI....will they reduce rate if i tell them that i am thinking to transfer it to hsbc or idfc ?

 

[prc1990]

I have Home Loan in PNB with current rate showing as 7.1% in mobile banking. I think the rate is not updated there. It should be more than 8% at least. I initially opened with United Bank of India with 8.55% (as I had zero/no CIBIL that time) which later migrated to PNB.

 

[prc1990]

Question to all: How are guys ensuring what is exact rate of interest for your home loan? Because the rate may not be updated (though should be) from time to time in the bank's official website. What I meant is how to actually validate the interest rate as it may vary from one customer to another based on their CIBIL, loan amount, tenure, type of employment etc.

 

[prasady21]

Which bank is giving lowest HL interest rate with pre/part payment options to pay online and also foreclosure charges, please suggest

 

[Chaitanya_V]

Question to all: How are guys ensuring what is exact rate of interest for your home loan? Because the rate may not be updated (though should be) from time to time in the bank's official website. What I meant is how to actually validate the interest rate as it may vary from one customer to another based on their CIBIL, loan amount, tenure, type of employment etc.

Usually it will be updated in our Loan account statements and in Cibil as well we can check our current interest rate for the loan.

 

[prc1990]

Usually it will be updated in our Loan account statements and in Cibil as well we can check our current interest rate for the loan.

Latest CIBIL also shows 7.1% which is too low/good to be believed. See if it is not updated at the bank's end, the same would be sent over to CIBIL. So believing CIBIL for the interest rate may not be the right choice/validator.

 

[Deleted member 9785]

Guys
Keep checking your amortization schedule and use excel to ensure that banks is not charging extra principal or interest. Banks never reduce rates when rbi repo goes down

 

[Deleted member 9785]

I have Godrej capital which is currently at 8.79%. Took from Godrej as my property was also in Godrej.
My plot loan is from HDFC which is at 9%

never new plots also are eligible for loans. So for a plot of 50 lacs how much loan can be expected. My annual income is 20 lac +

 

[prc1990]

Guys
Keep checking your amortization schedule and use excel to ensure that banks is not charging extra principal or interest. Banks never reduce rates when rbi repo goes down

How to do that, can you please eleborate and send some link for reference?

 

[Deleted member 9785]

How to do that, can you please eleborate and send some link for reference?

here u go -

 

[prc1990]

here u go -

Thanks for sharing! Will go through.

 

[prc1990]

Guys
Keep checking your amortization schedule and use excel to ensure that banks is not charging extra principal or interest. Banks never reduce rates when rbi repo goes down

Went through the video and understood however, it was assumed that the interest rate remains the same through out the loan period. Since our EMI amount doesn't get changed irrespective of the interest rate goes up or down, how to validate the current interest rate which is in play to make sure if it is aligned with Repo rate? 🥲😪

 

[Deleted member 9785]

Went through the video and understood however, it was assumed that the interest rate remains the same through out the loan period. Since our EMI amount doesn't get changed irrespective of the interest rate goes up or down, how to validate the current interest rate which is in play to make sure if it is aligned with Repo rate? 🥲😪

Yes, whenever rate changes create a new amortization schedule based on outstanding principal, new interest rate

 

[prc1990]

Yes, whenever rate changes create a new amortization schedule based on outstanding principal, new interest rate

Again the question stands the same. How will I know what rate has been applied currently? Rate displayed in loan account may not be updated periodically and hence the question 🥹🥹.