Have the rates increased after the prepayment penalty has been scrapped?

Almost a year ago, I had written that there was no reason for the banks to increase the interest rates in case the prepayment penalty was scrapped. 

Now nearly 10 months after the NHB and RBI told the NBFCs and Banks to stop charging for prepayment, not one bank dared to increase the interest rate. 

Right time to transfer your home loan

If you are burdened with a loan with very high interest rates, then this is the right time to lessen your burden i.e. transfer your loan to a competitive bank. 

Here are a few good options: 

1. SBI is a currently the number one institution in the home loan space. 
Features of the current offer: Processing fees is flat Rs. 1000. 
Lowest Interest rate of 10.25% (10 + 0.25)

2. Union Bank of India
Zero Processing fees
Interest Rate: 10.5% (The good thing about it is there is 0 spread. i.e. Interest rate = base rate)

3. Central Bank of India: Very similar to the Union Bank of India. Please check with the bank. 

Watch out for other banks for waiver of processing fees, and hefty discount in the spread, and in turn, the final interest rate. 

Warning: Only approach Banks.. and not other HFCs which are still lending based on the PLR. Ask them "Are you a Bank?"