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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.

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  • Mr. Anil Says

    Mr. Anil Says

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