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%

 

[jack333]

HDFC 8.25%

That's the best rate I've heard so far 👍🏼

 

[Ankur dhanda]

After how many years of loan sanction we can transfer loan from one to other lender?

I got mine transferred from IndusInd after 3 months. Varies with bank

 

[Ankur dhanda]

That's the best rate I've heard so far 👍🏼

That’s true . CIBIL must be more than 800

 

[govigov]

9.5 % I know it is high, but I wanted to get SBI MAXGAIN account. This account has the overdraft facility, thus, i can maintain liquid cash here for an overall lower interest due to lower principal outstanding. This has worked out well for me for my car loan as well.

 

[FinGuru]

9.5 % I know it is high, but I wanted to get SBI MAXGAIN account. This account has the overdraft facility, thus, i can maintain liquid cash here for an overall lower interest due to lower principal outstanding. This has worked out well for me for my car loan as well.

That's true, but the rate spread should not be so high.

 

[govigov]

That's true, but the rate spread should not be so high.

I went from 9.2% from HDFC as home loan take over to SBI. Instead of topping up, I paid additional upfront to keep the loan amount low. I have since then parked about 30% of the total loan value here. The SBI offer was for 8.5% + 1% over prime lending rates for overdraft facility. It will always be 1% more than standard SBI home loan rates. Take over happened in March 2023. They had a home loan offer going for 0 processing fees.

So the move was 9.2% with HDFC to 9.5% with SBI MAXGAIN.

 

[ramkumar_y]

~ 3.4% Effective Interest Rate (6.75% Simple Interest) - Staff Housing Loan.

240 Total EMIs - Principal to be paid in first 180 months and Simple Interest alone to be paid in remaining 60 months.

 

[Suspicious Activity]

Can you elaborate on the insurance part a bit? What kind of insurance? What does it cover?

It would be property insurance.
It covers structural damage, flood,fire, cyclone etc.

It's very cheap, somewhere around ₹80/lakh/year.

 

[Suspicious Activity]

3.9. Staff housing loan.

 

[CC-Muncher]

HDFC 8.25%

Is it pending for rate update or you have take a fresh loan.

Hdfc said 8.35 to 8.4 for me fresh application

 

[nithinreddy008]

Axis 8.5

 

[grshnehete]

Axis 8.5

HDFC at 8.4%

 

[prc1990]

Does anyone know how to calculate interest charged every month based on outstanding amount and current rate?

My interest rate got updated from 7.1 to 8.5 this month and I was charged double interest amount compared to last month and interest I was charged this month is greater than my EMI amount. How that's even possible?? Any idea guys? Feeling but worried 😟.

 

[Rocky Bhai]

Does anyone know how to calculate interest charged every month based on outstanding amount and current rate?

My interest rate got updated from 7.1 to 8.5 this month and I was charged double interest amount compared to last month and interest I was charged this month is greater than my EMI amount. How that's even possible?? Any idea guys? Feeling but worried 😟.

Divide your interest rate by the number of payments you'll make that year. If you have a 9 percent interest rate and you make monthly payments, you would divide 0.09 by 12 to get 0.0075. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.

 

[prc1990]

Divide your interest rate by the number of payments you'll make that year. If you have a 9 percent interest rate and you make monthly payments, you would divide 0.09 by 12 to get 0.0075. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.

Yes I did same.

Prior to this increase my outstanding amount was 2147K and I multiplied with (0.085*12) as new interest rate is 8.5. The amount will be somewhere around 15K+ but they charged me around 25K as interest.

 

[Rocky Bhai]

Yes I did same.

Prior to this increase my outstanding amount was 2147K and I multiplied with (0.085*12) as new interest rate is 8.5. The amount will be somewhere around 15K+ but they charged me around 25K as interest.

In such a situation, it would be better to contact the bank, only they will be able to give you good and accurate information.

 

[prc1990]

In such a situation, it would be better to contact the bank, only they will be able to give you good and accurate information.

At any point do you think, interest I am charged in a specific month can be greater than my EMI amount (unless there is some payment/amount overdue)? Is that even possible? Then my outstanding amount will never go down right?

 

[Rocky Bhai]

At any point do you think, interest I am charged in a specific month can be greater than my EMI amount (unless there is some payment/amount overdue)? Is that even possible? Then my outstanding amount will never go down right?

Sorry bro no idea about that but will let you know if I find anything about it 👍