Thursday, February 28, 2013

Additional 1L deduction for Home Loan buyers!


Wait.. don't jump with joy if you are an existing home loan customer. 
The additional 1L deduction is applicable to only those who fullfil the following criterias
1. First time home loan
2. Loan amount not above 25L
3. Disbursement during the FY 2013-14

That means if you are an existing customer then forget about any benefit.
Switching to a new borrower will not help either as it will not be considered as a first time loan. (evil laugh)


Saturday, February 9, 2013

Shifted to Axis Bank Power Home Loan

Finally after much deliberations I have actually shifted my loan to Axis Bank. 
The terms of the loan are as below: 

1. Interest rate: 10.25% (Base Rate 10.00 + Spread 0.25)
2. Processing fee: Rs. 5620/-
3. Mortgage charges: ~Rs. 3900/-
4. Other charges: ~Rs. 1700/-
5. Loan tenure: 8 years

It feels good to be out of a discriminatory system (BPLR) and to have moved to the Base Rate.