Home loan transfer at 2.1 spread

[Mr. Aman]

hlo guys
today the axis bank employee says the can give a BT of my home loan and od
at 8.6 for hl and 8.85 for od on same property is this possible the can do the od at that much low because currently od is running at 9.5 from icici is there can be any missaleing by axis employees please guide me guys and share your experience regarding axis bank for home loan
thanks in advance

 

[Max]

Banks do offer promotional rates for BT, but most will give discounted rate for first 3 months for new customers and then rates would change. I suggest you negotiate using this axis offer with your current lender as well. Few more things to consider

• What's the Reference rate your loan is linked to : Repo or MCLR / Base rate? Get in writing what will be your reference rate, spread to reference rate that will be used to calculate your rate of interest.
• What are the other costs (even with 0 balance transfer fees, depending on your state end up paying 0.3-0.5% on duties and taxes, which means you need to calculate how long it will take of you to recover those costs via the drop in interest rates.

 

[Mogambo]

you will be offered 8.6 only if cibil is above 800

 

[sheru]

hlo guys
today the axis bank employee says the can give a BT of my home loan and od
at 8.6 for hl and 8.85 for od on same property is this possible the can do the od at that much low because currently od is running at 9.5 from icici is there can be any missaleing by axis employees please guide me guys and share your experience regarding axis bank for home loan
thanks in advance

You can get BT
@8.35% for 80% funding
OR
Max @8.60% for 95% funding
if your CIBIL is above 780

 

[CC-Muncher]

I have home loan from idfc, 2.5% above repo rate which makes it 9%.
Cibil - 811

I have never seen any successful negotiation once the rate is set.
Do they really come down?

 

[sheru]

I have home loan from idfc, 2.5% above repo rate which makes it 9%.
Cibil - 811

I have never seen any successful negotiation once the rate is set.
Do they really come down?

You can definitely get 8.60% or below.
Try talking with IDFC. Ask them for conversion.

 

[CC-Muncher]

You can definitely get 8.60% or below.
Try talking with IDFC. Ask them for conversion.

What can be some points? Do I just scare them with some fake verbal balance transfer offer from xyz bank?

 

[sheru]

What can be some points? Do I just scare them with some fake verbal balance transfer offer from xyz bank?

Yeah that should work.

 

[CC-Muncher]

Yeah that should work.

Mail, call or branch visit?

 

[sheru]

Mail, call or branch visit?

I would say, best one would be branch visit.

 

[Mr. Aman]

Banks do offer promotional rates for BT, but most will give discounted rate for first 3 months for new customers and then rates would change. I suggest you negotiate using this axis offer with your current lender as well. Few more things to consider

• What's the Reference rate your loan is linked to : Repo or MCLR / Base rate? Get in writing what will be your reference rate, spread to reference rate that will be used to calculate your rate of interest.
• What are the other costs (even with 0 balance transfer fees, depending on your state end up paying 0.3-0.5% on duties and taxes, which means you need to calculate how long it will take of you to recover those costs via the drop in interest rates.

in current state icici giveed me home loan at 8.85 , and od at 9.8 the loan outstanding is 44.5 lakh and od of 30,00,000 this is the all which is currently running and now
axis Bank offers me home loan bt at 8.6 and od at 8.85 is with the fees of around 25000,
this is the whole can u guys please suggest what do now currently emi going 47800 around.

 

[CC-Muncher]

in current state icici giveed me home loan at 8.85 , and od at 9.8 the loan outstanding is 44.5 lakh and od of 30,00,000 this is the all which is currently running and now
axis Bank offers me home loan bt at 8.6 and od at 8.85 is with the fees of around 25000,
this is the whole can u guys please suggest what do now currently emi going 47800 around.

Will they offer same if someone does not need OD

 

[Mr. Aman]

Will they offer same if someone does not need OD

ya the do

 

[Mr. Aman]

in current state icici giveed me home loan at 8.85 , and od at 9.8 the loan outstanding is 44.5 lakh and od of 30,00,000 this is the all which is currently running and now
axis Bank offers me home loan bt at 8.6 and od at 8.85 is with the fees of around 25000,
this is the whole can u guys please suggest what do now currently emi going 47800 around.

please give me advice or your opinion and your
past experience is with axis bank

 

[Mr. Aman]

You can get BT
@8.35% for 80% funding
OR
Max @8.60% for 95% funding
if your CIBIL is above 780

my property registry value is 39lak and loan remaining is 43.5 lakh + 30lakh od

 

[technom]

There lowest spread (if CIBIL score is 780-800 or above) is 1.85% and that amounts to the best interest rate of 8.35% - HDFC is known to offer these rates to at least 2-3 different people on this very forum over the last month. You should use this as the benchmark and hard negotiate with your existing bank.. it's a big Win even if you get to 8.5-8.6% with your existing bank instead of a transfer, they are always a pain.

Don't transfer if the gains are under 0.9-1% is the general rule that we follow - may not be the best for everyone because it clearly depends on all the different variables of your loan. Do the calculation on how much you will save vs. the overall cost of transfer (including the efforts) and you'll have the answer

 

[CC-Muncher]

ya the do

Spoke to IDFC branch manager and he denied any further decrease in rates. He said 9.05 is the best they are offering to anyone and i am getting 9%.

I told them i am getting 8.5 from axis and they said you can take axis offer, it will save you more 🤦

 

[technom]

Spoke to IDFC branch manager and he denied any further decrease in rates. He said 9.05 is the best they are offering to anyone and i am getting 9%.

I told them i am getting 8.5 from axis and they said you can take axis offer, it will save you more 🤦

Did you try talking to home loan customer care, they may be better equipped on current offers

 

[CC-Muncher]

Did you try talking to home loan customer care, they may be better equipped on current offers

That is customer care, they dont have any authority

 

[shushansh]

my property registry value is 39lak and loan remaining is 43.5 lakh + 30lakh od

My first question is, how did you get a loan more than your property registry value?
You have a overall leverage of 73.5L against just 39L of property? That is 188%!