Get a cheaper home loan rate by switching banks
By Joseph Samson
Jun 14, 2013
Print    Email    RSS   

As interest rates are trending down, shifting to a cheaper home loan could result in substantial savings. Monthly repayment installments take a huge chunk of a budget so shifting to cheaper home loan would be beneficial.

Earlier for borrowers shifting loans between banks means applying for a fresh loan and going through the hassles of paperwork all over again. However, banks and housing finance companies are now offering a switching facility from a higher to a lower rate by the same financier for a small fee. Banks usually charge a switching fee of about 50 basis points.

Mr. Harsh Roongta, chief executive officer (CEO), says, "Good borrowers can negotiate a lower switching fee, and in some cases the bank may even waive it off."

Interest rate on current home loans is around 10.5 per cent. But this could decrease in the coming months as interest rates are set to fall.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs #1
A chronicle of excesses by loan recovery...
The right age for home loans!
Home loans: a route to home sweet home
Bank of Maharashtra reduces home loan rates

what is the balance loan amount on my Loan a/c...
email;, are you...
HSR LAYOUT ℂall ℊiℝls abhi 7411094262 ℂall...
how can applay for DSA. any age, qalification,...
How to view my home loan account statement
how to get status of home loan

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive