What is your current home loan rate of interest?

[ChurningNoob]

Please specify the bank name as well, I am planning to do a balance transfer due to my current high rate.

SBI - 8.95%

 

[ChurningNoob]

HSBC and LIC HFL are two hidden gems of home loan rates. How easy or difficult was transfer process? What was prepayment penalty in earlier loan? And this is floating, right?

what was the processing fee of HSBC ?
and foreclosure charges of your previous bank?
how many days the overall process take ?

took more around 20-25 days. The process was extremely smooth HSBC visited house for all documentation/signature/fee everything had to leave house only once that too to close old loan account. No penalty on loan closure.

Paid only for stamp duty 15k + insurance 3k

Would hihgly recommend staying away from LIC as they follow MCLR which isn;t inline with RBI repo rate.

 

[krishc]

took more around 20-25 days. The process was extremely smooth HSBC visited house for all documentation/signature/fee everything had to leave house only once that too to close old loan account. No penalty on loan closure.

Paid only for stamp duty 15k + insurance 3k

Would hihgly recommend staying away from LIC as they follow MCLR which isn;t inline with RBI repo rate.

great to know
is the 3k insurance once for the tenure or yearly premium?

 

[ChurningNoob]

great to know
is the 3k insurance once and for all or yearly premium?

just need to get it once and it covers 5 years

 

[krishc]

essentially I need to check and compare if I'm getting 15k worth of benefits in EMI to make the switch

 

[ChurningNoob]

essentially I need to check and compare if I'm getting 15k worth of benefits in EMI to make the switch

Yes, just search for EMI calculators and enter your curent rate and expected/new rates see the difference. Also, that 15k varies its govt stamp duty based on your property value

 

[krishc]

Yes, just search for EMI calculators and enter your curent rate and expected/new rates see the difference. Also, that 15k varies its govt stamp duty based on your property value

so how much percentage is it of the property value ?

 

[R!ppEr]

took more around 20-25 days. The process was extremely smooth HSBC visited house for all documentation/signature/fee everything had to leave house only once that too to close old loan account. No penalty on loan closure.

Paid only for stamp duty 15k + insurance 3k

Would hihgly recommend staying away from LIC as they follow MCLR which isn;t inline with RBI repo rate.

isnt stamp duty paid to the govt while purchasing the property? why'd you have to pay it again when switching banks?

 

[ChurningNoob]

so how much percentage is it of the property value ?

isnt stamp duty paid to the govt while purchasing the property? why'd you have to pay it again when switching banks?

Oh! Then I might have mistaken with something else but I paid around 15k on govt website.

 

[ChurningNoob]

so how much percentage is it of the property value ?

I think it was GST 0.35% of loan value

 

[krishc]

ok, that might be it

 

[deep@vie]

I have Godrej capital which is currently at 8.79%. Took from Godrej as my property was also in Godrej.
My plot loan is from HDFC which is at 9%

please elaborate this plot loan thing,thanks

 

[kilroy]

took more around 20-25 days. The process was extremely smooth HSBC visited house for all documentation/signature/fee everything had to leave house only once that too to close old loan account. No penalty on loan closure.

Paid only for stamp duty 15k + insurance 3k

Would hihgly recommend staying away from LIC as they follow MCLR which isn;t inline with RBI repo rate.

Can you elaborate on the insurance part a bit? What kind of insurance? What does it cover?

 

[ChurningNoob]

Can you elaborate on the insurance part a bit? What kind of insurance? What does it cover?

fire insurance usually mandatory for insurance

 

[SkippyCavanaugh]

8.75% with Union Bank of India

 

[mechmax]

Is 8.00 to 8.40 % home loan interest still possible, with 800+ cibil.
HSBC provides this kind of rate?

 

[ChurningNoob]

Is 8.00 to 8.40 % home loan interest still possible, with 800+ cibil.
HSBC provides this kind of rate?

with recent repo rate change increased to 8.25

 

[ChurningNoob]

with recent repo rate change increased to 8.25

 

[Digvijay]

8.65 for HDFC Ltd. Considering balance transfer, most likely SBI. If anyone has other recommendations, will be helpful.

 

[Patil007]

HDFC 8.60

 

[Patil007]

8.65 for HDFC Ltd. Considering balance transfer, most likely SBI. If anyone has other recommendations, will be helpful.

Will there be any charges to change loan bank ?