Monday, September 3, 2012

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?"

1 comment:

  1. Really very good post specially for the people who wants to lessen their burden.Bank interest rates are really on high and its really a good way and right time to transfer the home loan.