Reduce Home Loan Interest rate in LIC HFL

[flash2399]

Hi all,

I have a home loan in LIC HFL with an interest rate of 9.01%. I can see that they are offering new loans at 8.45%. Can I do anything to get my loan reduced to that rate? I cannot see any option to do so online.

 

[krishc]

same case for me.
when I got the loan, it was at 6.66%
due to increasing REPO, it's now at 9.01%

 

[Suspicious Activity]

Hi all,

I have a home loan in LIC HFL with an interest rate of 9.01%. I can see that they are offering new loans at 8.45%. Can I do anything to get my loan reduced to that rate? I cannot see any option to do so online.

Submit a letter to them with a screenshot of the offer. They will reduce under retention policy

 

[kvagarwal]

yes, i did this too. have a running home loan of 20L+, I applied home loan in another bank for transfering, and got very low interest rate (~ 2% difference). Now my current bank also reduced interest rate under retention offer.

 

[db51]

yes, i did this too. have a running home loan of 20L+, I applied home loan in another bank for transfering, and got very low interest rate (~ 2% difference). Now my current bank also reduced interest rate under retention offer.

Could you share which bank was giving the low interest rate.

 

[Avangerritesh]

I have active hdfc home loan. They are advertising 8.4% on website. But surprisingly on getting loan statement they were charging me 9.3% from feb 23 to apr 23 and from may 23 they have increased it to 9.55% on complaining to customer care about same they are asking to pay service charge and they till reduce interest rate to 8.4%. They don't pay us on increasing rate but need service charge for decreasing rate.

 

[flash2399]

I have active hdfc home loan. They are advertising 8.4% on website. But surprisingly on getting loan statement they were charging me 9.3% from feb 23 to apr 23 and from may 23 they have increased it to 9.55% on complaining to customer care about same they are asking to pay service charge and they till reduce interest rate to 8.4%. They don't pay us on increasing rate but need service charge for decreasing rate.

Are they really ready to reduce to 8.4%? For me they are only going to reduce from 9.01% to 8.95% which is atrocious.

 

[kvagarwal]

Could you share which bank was giving the low interest rate.

loan was with indian bank, hdfc offered lower rate on transfer, later indian bank offered same rate.

 

[Avangerritesh]

Are they really ready to reduce to 8.4%? For me they are only going to reduce from 9.01% to 8.95% which is atrocious.

They are asking 2950rs as processing fees for 8.4% . I am fighting with them as they haven't paid me any processing fees during intrest increase but for decrease they are asking me fees. They them other bank is offering you 8.4% and you will port the loan they will do it, i also used same trick.

 

[flash2399]

I'd love to just pay 2950 and get it down to 8.4 😂

LIC HFL is asking me 3000 + GST for decreasing from 9.01 to 8.95 🥲

 

[Avangerritesh]

I'd love to just pay 2950 and get it down to 8.4 😂

LIC HFL is asking me 3000 + GST for decreasing from 9.01 to 8.95 🥲

Lol then hdfc is far better

 

[BigdeBigde is verified member.]

I'd love to just pay 2950 and get it down to 8.4 😂

LIC HFL is asking me 3000 + GST for decreasing from 9.01 to 8.95 🥲

Don't fall for this gimmick, I also got my interest rates reduced a couple of times by paying them the extra sum but after the repo rate hike they revise the interest rates without even taking consent from the customer.

 

[flash2399]

Don't fall for this gimmick, I also got my interest rates reduced a couple of times by paying them the extra sum but after the repo rate hike they revise the interest rates without even taking consent from the customer.

Yeah, I'm not gonna do it. Looking to transfer my home loan somewhere else

 

[Deleted member 11974]

Don't fall for this gimmick, I also got my interest rates reduced a couple of times by paying them the extra sum but after the repo rate hike they revise the interest rates without even taking consent from the customer.

they do not need your consent to increase the rates as you already give your consent by signing the documents of loan agreement.
and since all home loans are linked to repo rate on the basis of its increase or decrease your rates will fluctuate

 

[BigdeBigde is verified member.]

they do not need your consent to increase the rates as you already give your consent by signing the documents of loan agreement.
and since all home loans are linked to repo rate on the basis of its increase or decrease your rates will fluctuate

Agreed, at the same time they shouldn't be seeking consent and extra money from my side to reduce the interest rates. It should be floating on the basis of the repo rates without paying any extra charges.

 

[Deleted member 11974]

Agreed, at the same time they shouldn't be seeking consent and extra money from my side to reduce the interest rates. It should be floating on the basis of the repo rates without paying any extra charges.

Agreed but has the repo gone down now that they will voluntarily reduce your rate.
I also paid 1180 + gst to reduce my home loan rate to icici