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Home Loans

Troubled by high interest rates? Make a switch

Ankit Saxena took a home loan from an MNC bank in February 2010 at a floating rate interest rate of 9.75%, one of the best in the market in that time. The bank also waived off his processing fees, as an added sweetener.

However, things took a turn for the worse after a few months. The RBI started raising interest rates, and the bank followed suit. His home loan interest rate was raised sometimes by 0.25% and other times by 0.5% and as of now his interest rate stands at 12.25%, 2.5% higher than at the start(which was 9.75%).

The result - his EMI had jumped up significantly and he was really struggling repaying it. The worse part was that the same bank was offering new customers a home loan at 11.25%, 1% lower than his current interest rate. He failed to understand why the bank was offering other customers a lower interest rate. He negotiated with the bank and was
able to get his interest rate reduced by 0.5%, but that was much higher than the interest rates prevalent in the market.

That is when he decided to make a switch - he talked to talk to an NBFC who was ready to "buy out" his home loan from his current bank and offered him a much lower rate of interest - 10.75% - which was much better than even the 11.25% offered by his current bank. He just had to pay a 1% processing fees, and that was it. His EMI burden has again
reduced and he is much happier now.

In case you need any further details, please send us an email at asktheexpert@rupeewizard.com

 

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    Mr. Anil Says

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