I think there is a need for home buyers to form a association and collectively bargain, I have written my idea in detail. Please see it in my blog - wibas.rediffiland.com/blogs/2008/12/23/Home-buyers-association-why-do-we.html.
Please note I am not selling any ad here or trying to spread news about my new website. I want the middle class Indians like me to form an association to make home affordable and reality.
Just got my ICICI loan transfer sanctioned by a PSU Bank. The process should be completed in the next few weeks.
For a loan of 14L, ICICI was charging me at 14% (EMI of about 17k for 38 yrs) and this will now translate to a 9.25% loan with about an EMI of 17k for 10 years.
What a harrowing experience with ICICI !!! Will be closing down my other accounts with ICICI shortly.
Re: Transfer of ICICI loan to PSU bank
by howis rashmi on Dec 23, 2008 12:54 AM
How much is the preclosure penalty for ICICI bank? is it 2.0% or 2.5%.. apart from this any other charges... we need to pa for transfer for loan? my loan is of amount 32lakh from ICICI bank.ROI is 13%, my EMI is 37k, Planning to transfer this loan to SBI @ ROI of 9.5 PA. with EMI 29k for 20 years. huge saving of 8k per month. within 6 month i will recover my preclosure penalty. :)
Re: Re: Transfer of ICICI loan to PSU bank
by J on Dec 23, 2008 12:54 PM
Preclosure penalty is 2.25%. And the processing fee with the PSU bank is 0.5%. It works out to an upfront payment of an additional 2 EMI's. But anyday better than paying EMI's to ICICI for 28 additional years.
Re: Re: Transfer of ICICI loan to PSU bank
by sridhar parida on Dec 23, 2008 01:44 AM
It is 2.25% including service tax.Please move all ICICI Loan to other bank.
Re: Home loan
by vettyvelai on Dec 22, 2008 03:50 PM
Not much chances....and even if you take a loan in the current rates, you can't be sure that it will continue in the next Financial Year also...
Re: Re: Home loan
by HK on Dec 22, 2008 04:06 PM
But if we stay away from Property Market for another 6 months, M sure prices will come down by atleast 30-40 % and home loan will also be available at a discounted rate. Ye bhavishyavani hai, Mark my words
Re: Re: Re: Re: Home loan
by kumaran on Dec 22, 2008 07:47 PM
Hi, Those of you who still enjoy(he he he!!!) home loan with icici like me, Pl. cal that buggers & reduce ur ROI bt paying few bucks as conversion charges(from 14.25 to 12%). I did it y'day. I feel something is better than nothing.
Re: Home loan
by Dexter6.Blogspot on Dec 22, 2008 08:49 PM
Rates should fall further. With inflation falling so steeply, RBI will go really aggresive on rate cuts.
The government may open a refinance window for home loans too.
Re: Home loan
by manish ashar on Dec 22, 2008 08:30 PM
DONT WORRY ABOUT INTEREST RATE. ONLY FOOLS THINK OF INTEREST RATE. START THINKING ABOUT THE HUSE PRICES.
you will be paying more than double of realistic prices. so your loan amount will be automatically reduced by half if you wait for six months or so as prices have to fall by 60% to become realistic.