i have taken home loan for Rs.10.50 lacs from REPCO BANK @ 10.5% interest for 90 months. If I will repay the entire amount within 24 months to the bank what will be foreclose charges and will be benefited
I have taken loan from GIC of Rs.5,75,000 in 2007. I am paying interest of around Rs.6800pm from last 3yrs against my home loan. But still I never got the passion till date and builder is disappear from his resident. I am not position to pay interest now due to my financial problem.
I want to stop the payment of interest till passion of my flat. Request you to please guild how to request and on what basis I go to the bank for the same.
Floating rates are meant to fleece customers , even fixed rates are fixed at higher rates to discourage people from opting for them. Even if you choose fixed rate they have right to increase it .
I found a way to get out and .....stay out of high interest rates of banks is by using some of the NBFC and private institutions which offer lower rates of 6.5-7.5%.
I changed from my bank's rippoff rate of 12.5% to 7.5% from private finance company using one of my contacts.
I'll be saving over 16.4 lacs over the next 15 years by changing over to private finance company. I can now save and invest this amount to earn more or repay the loan 35% faster than before.
why work more years to make the bank richer at your cost ?
If interested in lowering your interest u can contact Sujith 09980807164
I observed two people have queried about increase of interest rate by banks (when inflation goes upwards)and thier reluctance to decresae when market conditions are favourable for low interest. You have answered them by saying banks are reducing lending rates. Let me be very frank on this issue. We say our fundamentals are strong and RBI has good regulations to control the irregulataries. I agree to some extent and in few cases when compared to their peers in western countries. But when we look at our banks which are governed by RBI, they simply increase the rate of interest when inflation has just moves upwards (and even do not bother to inform the customers). The same approach or aggressiveness is not found when inflation moves southwards. They just give some vagues reasons there are other factors which will decide the rate of interest. These so called other factors do not come into picture when inflation/interest is moving upwards. Now the question comes whether we have strong regulatory body to control such imbalance act. Or is these regulations meant for banks to get profit.
Re: Home loan query for Anil Rego
by Suresh on Jun 02, 2009 10:13 AM
Rajesh, you are dead right on your analysis. Floating rates are meant to fleece customers , even fixed rates are fixed at higher rates to discourage people from opting for them.
Hi, My wife and me want a home loan of Rs. 20 lacs for the period of 20 years. My wife is Govt. school teacher and i am Private ltd. company employee. We both getting Approx 42,000 pm salary. So please confirm me whether we can get aforesaid amount as well as documents & procedure to het the loan.
Re: Regarding Home Loan
by Suresh on Jun 02, 2009 10:05 AM
you can get loan about 7.5% - 6% from some of the NBFC and private finance companies with funds from NRI, corporates and trust funds, from one of my contacts.
And best part its fixed for entire 20 year tenure unlike banks.
Re: Regarding Home Loan
by samir sabharwal on Jun 02, 2009 10:03 AM
you are entitled for a loan amount upto 24 lacs.For further information on loan documents, you can call at 91-98717 22994. Regards, Samir
Hi,, ICICI changes rates too. Just walk up to your ICICI HFL office and request for Interest Changing Scheme. They ask you to pay .5% of the outstanding pricipal and then allow you to change over to a lower interest. For Eg. a person having a loan of RS 100,000 at 13% of interest need to pay Rs 5000 to switch over to aruond 10%. Kindly avail this offer and do not wait for any communications from the bank on this. This is onlyfor those who approach the bank. (No body knows why...)
Re: ICICI Changes rates too - Only when asked for
by samir sabharwal on Jun 02, 2009 10:05 AM
Hi,Could you please confirm that ICICI Bank is going to retain this interest rate for how much tenure.
Re: ICICI Changes rates too - Only when asked for
by basha vali on Jun 02, 2009 10:03 AM
Dear all, Now ICICI bank increased .5% to 1.5% fee of outstanding amount to reduce the interest from 01-04-09.
Re: Re: ICICI Changes rates too - Only when asked for
by Suresh on Jun 02, 2009 10:14 AM
Nice way to make extra money to reduce rates reluctantly for customers who ask for it, rest 96% will continue to pay more out of ignorance.
Hey Guys, There is an option in HDFC to lower your interest rates to the rate they are lending for new customers. You can pay .5% of outstanding amount and do this. They wont tell you about this option unless you specifically tell them you want to do interest rate conversion. In my case, I paid around 10000 to convert my loan from 11.5% to 10.25%. I am currently paying only 9.5% with HDFC after further reduction of interest rates in the past few months. I hope this helps lot of people who have taken home loan with HDFC. This option is much better then switching the lendor.
Re: HDFC Interest Rate Conversion
by Ravin Kayasth on Jun 02, 2009 09:53 AM
I agree with Madhu.Same was with my case, I had an outstanding loan of 6lacs, for which they flatly charged 1500Rs.,and I got my interest rate changed from 12.5 to 9.5%. They informed me, that they normally execute this change ONLY and IF ONLY asked for by customer. So go ahead and ask for it, pl do not fall HL changes, as they cost higher in terms of pre-closure & new loan processing charges kayrav
Re: Re: HDFC Interest Rate Conversion
by Guest on Jun 21, 2009 06:57 PM
Is the interest rate conversion is applicable to floating rate only? Is there any way of converting current fixed interest rate?
