Lower Home Loan Rate

Q: Can I lower down my home loan rate if I want to. If yes what is the procedure?

Adnan, Bangalore

6th August 2013

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Replies (9)

Hey guys even I heard Indian Bank is offering home loans at 10.20 per cent across various slabs irrespective of the tenure for people looking forward to build homes.Also Indian Overseas Bank targeting women customers and is offering housing loan at 10.25 per cent.

Vivek Kulkarni,

8th January 2014

Comment

Yes Vivek also the interest rates have been fixed at 10.25 per cent for loans up to Rs 75 lakh and 10.50 per cent for loans above Rs 75 lakh.

Himani,

8th January 2014

Till when the home loan offer is on. Please let me know at the earliest.

Adnan, Bangalore

28th December 2013

Comment

As far as I know this new offer in ICICI is an extension of our ongoing festive offers, which were supposed to expire on December 31, but now the offer will be extended till end of January 31.

For HDFC bank, these rates are applicable for applications submitted till January 31 and the first disbursement has to be availed of before February 28.

Arunabha Gupta, Bangalore

28th December 2013

What is the new slabs for housing loans in HDFC and ICICI?

Adnan, Bangalore

28th December 2013

Comment

ICICI Bank introduced two slabs for housing loans: up to.`75 lakh at 10.25% from 10.40% earlier, and above it, 10.50% against 10.65% earlier.

HDFC has cut rates by 25 bps in the.`30-75 lakh bracket to 10.25%

Arunabha Gupta, Bangalore

28th December 2013

Hey Everybody!! I heard that not only SBI but also HDFC and ICICI bank have reduce home loan rates by 15-25 basis points last week but the offering is only for the new loan though.

Girish Gupta, Bangalore

28th December 2013

Comment

Good move :) :) But I feel this is really injustice to the existing home loan customers :( :(

Niketan Verma, Bangalore

28th December 2013

@Niketan, I think HDFC offers a conversion option at a minimum fee to existing borrowers. For more details you can visit your nearest HDFC bank for further details and information about the same. CHEERS

Gaurang, Bangalore

28th December 2013

Vivek Kulkarni,

8th January 2014

I heard that SBI has changed the slab for home loan in metro cities. Please provide me the new slab for home loan.

Adnan, Bangalore

24th December 2013

Comment

SBI has changed the slabs for home loans, especially in the metro cities. The new slabs stand at- up to 75 lakh( up to Rs 30 lakh previously) and above 75 lakh that was previously Rs 30 lakh.

From this time forth, an orderly interest rate of 10.5% will be levied on home loans up to Rs 75 lakh as against the present rate of 10.30% for loans up to Rs 30 lakh. For loans above Rs 75 lakh, the bank will charge 10.30 % against the present 10.50% for Rs 30 lakh and above.

Devraj Shah, Bangalore

24th December 2013

I want to add one more point on whatever Mr Devraj said. SBI is offering a special discount of 5 bps for women borrowers while raising their borrowing limits too. The revised loan structure offers 10.10% for women and 10.15% for others for a ceiling up to .`75 lakh. For loans above .`75 lakh, the interest will be 10.25% and 10.30%, respectively.

Arunabha Gupta, Bangalore

28th December 2013

Good news steps in for loan borrowers by the end 2013, as premier lender banks-State Bank of India and Housing Development Finance Corp, declares to slash home loan rates by 15-35 basis points, for Rs 30 lakh-Rs 75 lakh bracket.

Kailesh, Bangalore

24th December 2013

Comment

Is this cutting down home loan rates going to help the real estate sector any way?

Adnan, Bangalore

24th December 2013

Such cutting down on home loan rates is expected to revive the economy significantly and help boost the falling real estate sector. Lowering of interest rates will strengthen the individual borrowing capacity, resulting a spurt in demand in the housing sector

Kailesh, Bangalore

24th December 2013

Reduction of rate will generate positive sentiments among the customers of the realty sector. Many potential developers who did not make any move because of consecutive interest rates, will be motivated to make an investment, riding on the back of rate cuts. In addition, rate cut promotes a positive feeling among the developers about a considerable increase in the number of property deals.

Hardik, Bangalore

24th December 2013

Rise in buying behaviour due to rate cut is likely to give huge impetus to the realty sector of the nation and help arrest the current sluggish economy to a projected growth rate of 6% in 2012-13 in comparison to 6.5% in 2011-12 and 8.4% in 2010-11.

Devraj Shah, Bangalore

24th December 2013

The bank will start with the valid check after all the documents are sudmitted by you. After cross checking if the bank consider the person genuine and the documents provided are authentic, bank will send the borrower a confirmation letter along with that the revised terms and conditions from the bank will also be attached.

Harsha Mahipal , Bangalore

6th August 2013

Comment

Will be there any kind of conversion fee?

Adnan, Bangalore

6th August 2013

Comment

Yes definately the bank will take certain percentage as conversion fee which will be in between Rs 0.25 to one percent of the total bank loan. This you need to pay by cheque while submitting the documents for the first time.

Devraj Shah, Bangalore

6th August 2013

Good news for home loan borrowers, now home loan borrowers have the opportunity to switch to the low interest plans either by changing the existing loan. All depends on the borrower whether he wants to opt for increasing the EMI or the loan tenure

Harsha Mahipal , Bangalore

6th August 2013

Comment

Once you decided to change your exisying loan plan, you have to submit a request letter to your bank. the bank may ask you for a promissory note in favor of your payment of the balace at the new interest rate.

Janak Desai, Bangalore

6th August 2013