HDFC is offering 8.50% rate for Home Loan Balance Transfer

[vaibhavpp0707]

Hi Everyone,
I am looking for my home loan balance transfer. Currently my home loan is running with 9.10% ROI with Axis Bank. And HDFC is running offer with 8.50% (this rate is after latest repo rate increase of March 1st) till 31st March. Should I go with HDFC. Anyone here with HDFC home loan please share ur experience or I need to go with PSU banks like SBI, BOB with slight higher ROI like 8.90%?

 

[caabhi]

Hi Everyone,
I am looking for my home loan balance transfer. Currently my home loan is running with 9.10% ROI with Axis Bank. And HDFC is running offer with 8.50% (this rate is after latest repo rate increase of March 1st) till 31st March. Should I go with HDFC. Anyone here with HDFC home loan please share ur experience or I need to go with PSU banks like SBI, BOB with slight higher ROI like 8.90%?

You can try negotiating with axis to lower the ROI. If it doesn't work out, you can seek other options.

 

[vaibhavpp0707]

You can try negotiating with axis to lower the ROI. If it doesn't work out, you can seek other options.

ok. I will try

 

[Hemu]

Try to get home loan from any PSU and I recommend a big NO to HDFC. HDFC will give discounted rate for first 3months for new customers and you will be charged more than their website stats later. You have to pay extra money each time to match their website ROI and they will never reduce your ROI until you make noise.

 

[vaibhavpp0707]

Try to get home loan from any PSU and I recommend a big NO to HDFC. HDFC will give discounted rate for first 3months for new customers and you will be charged more than their website stats later. You have to pay extra money each time to match their website ROI and they will never reduce your ROI until you make noise.

Thank you for sharing this info. BOB is also offering me 8.50%. So I am going with BOB HL.

 

[Sanskar]

Hi Everyone,
I am looking for my home loan balance transfer. Currently my home loan is running with 9.10% ROI with Axis Bank. And HDFC is running offer with 8.50% (this rate is after latest repo rate increase of March 1st) till 31st March. Should I go with HDFC. Anyone here with HDFC home loan please share ur experience or I need to go with PSU banks like SBI, BOB with slight higher ROI like 8.90%?

Before transferring you have to calculate that is, 0.60% less interest rate, is actually beneficial for you or not.
Because there will be other financial charges as well like processing fee, and foreclosure charges.

 

[Deleted member 9785]

Try to get home loan from any PSU and I recommend a big NO to HDFC. HDFC will give discounted rate for first 3months for new customers and you will be charged more than their website stats later. You have to pay extra money each time to match their website ROI and they will never reduce your ROI until you make noise.

any bank which doesnt charge conversion fees when rates go down?

 

[vaibhavpp0707]

Before transferring you have to calculate that is, 0.60% less interest rate, is actually beneficial for you or not.
Because there will be other financial charges as well like processing fee, and foreclosure charges.

yes I have done all the calculations. It still gives benefit after deducting all the charges.

 

[vaibhavpp0707]

any bank which doesnt charge conversion fees when rates go down?

SBI and BOB I know. Maybe all PSU banks but not sure.

 

[Sanskar]

yes I have done all the calculations. It still gives benefit after deducting all the charges

If you don’t mind, I would like to understand the calculation, can you please DM me all the calculation?

 

[catcat]

This rate of 8.50% - it is repo linked or MCLR linked? If it is the latter, perhaps its better to stick with your current provider. I have a home loan from Kotak at 9.05% (6.50 + 2.55). In Rajasthan, even with 0 balance transfer fees, you end op paying 0.35 - 0.40% on stamp duty. Even a cut of 0.25% will take more than a year to recover.

 

[techsearch]

SBI reduced my home loan rate from 9.5 to 8.85 when i told them that i am transferring to other banks as they are offering 8.6.

I had to follow up couple of times and finally they did it.

 

[iAmPm]

which bank offering 8.6%? Is there anyway to get it reduced in icici? I have 9.55% currently after latest repo hike.

 

[sheru]

which bank offering 8.6%? Is there anyway to get it reduced in icici? I have 9.55% currently after latest repo hike.

HDFC is offering 8.60% for balance transfer with CIBIL >750.

Contact me if you're interested.

 

[newmakerhere]

i recently transferred my home loan from bandhan bank @ 10.95% to SBI @ 8.50%.

 

[panu24]

I have question here, those who have transferred homeloan, how much years you got guarantee of this lower interest rate? will it not again start increasing with increase in reporate?

 

[amitalpha]

you can also try with LIC HFL, sometime they also give good % if CIBIL is good.

 

[panchabhut]

any bank which doesnt charge conversion fees when rates go down?

I am having a running loan with ICICI since 2011. Rate is linked to base rate. Every time their rate changes (+/-) the rate also automatically changes. no charges.

 

[iAmPm]

I am having a running loan with ICICI since 2011. Rate is linked to base rate. Every time their rate changes (+/-) the rate also automatically changes. no charges.

But if you go to reduce the rate, they will ask to fill conversion form and charges 1180/-

 

[Mr. Aman]

which bank offering 8.6%? Is there anyway to get it reduced in icici? I have 9.55% currently after latest repo hike.

I'll recently reduce my home loan rate in icici
from 9.2 to 8.85 but I'll filed the form for 8.75 so the complaint is raised let's see what happens