Home loan interest rate
This query is : Resolved
11 July 2011
Looking at current scenario of housing loan interest rate, should old borrowers (loan borrowed before 1st July 2010)shift from benchmark prime lending rate to Base rate? how it will help in future ?
U S Sharma
(Expert)
12 July 2011
long term loans should be always taken in fixed rate, it helps to avoid rate fluctuation risks
12 July 2011
But i have already taken home loan from HDFC Ltd. at variable rate. so now what should i do ? another thing i just came to know that HDFC ltd is not bound by RBI and not require to lend loan at base rate.
12 July 2011
Go to other Nationalized Bank and ask them to repurchase your Home Loan at fixed rate. At present the rate of Home loan varied from 8.5% to 9.25% and if you can negotiate the same it can be negotiated up to .25%. Let me know where you are located? If in Mumbai an alternative can be worked out. Contact ssunderagarwal@gmail.com
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