This year in Feb when I got Interest Certificate for submitting to our tax team, found that rate of my home loan has increased to 10.75%.
After following up got it reduced to 10.25%.
Everyone with floating rate need to keep track of their home loan rate and you can get it reduced to the extent to 10.15% either from your own bank/finance Co. as to avoid loosing a customer n it's future income by balance transfer, every bank/home finance Co. have provision of reduction of rate by paying a nominal fee.
In case your bank/home finance Co. is not reducing you can get Balance transfer by other bank/finance Co. In case of balance transfer bank/ FI even don't charge PF.
Circulating this again as a fellow resident got rate of his home loan at HDFC reduced from 10.75% to 10.15% after talking to me couple of week back. Tenure of his 15 year loan got reduced by 10 month. Saving of approx. 3.5 - 4 L.
Regards
Manmohan Jha
---------- Forwarded message ----------
From: "Manmohan Jha" <manmohan.jha@gmail.com>
>>
>> Dear All,
>>
>> Forwarding this mail communication going on CROMA yahoo group as found that many ppl are not aware the ppl with floating interest rate can get their interest rate lowered.
>>
>> All of you can check rate for present interest of Home Loan and if it's more than 10.25% you can get it reduced by paying a processing fee. In case of any difficulties with your existing lender you can get Balance transfer from other bank/NBFC.
>>
>> With this there will be substantial saving over the time. A Reduction of 50 paise will reduce tenure by approx one year.
>>
>>
>>
>> Regards
>>
>> Manmohan Jha
>>
>>
>> Sent from Samsung Mobile
>>
>>
>> -------- Original message --------
>> From: "Rajiv Anand anandrajiv123123@yahoo.co.in [CrossingsRepublikOwnersAndMembersAssociation-CROMA]"
>> Date:26/07/2014 11:23 (GMT+05:30)
>> To: CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in
>> Subject: Re: [CROMA] IDBI Home Loan Balance Transfer
>>
>>
>>
>> Dear Mr Raju
>> I transferred my loan to IDBI Bank @ 10.15%. If you want to transfer your loan then talk to Mr. Kapil Kumar. He is looking finance department. His number is 07838133030.
>>
>> Regards
>> Rajiv Anand
>> Supertech Livingston
>>
>>
>> Sent from Samsung Mobile
>>
>>
>> -------- Original message --------
>> From: "'bpsbhatia1@yahoo.com' bpsbhatia1@yahoo.com [CrossingsRepublikOwnersAndMembersAssociation-CROMA]"
>> Date:26/07/2014 10:42 (GMT+05:30)
>> To: CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in
>> Subject: Re: [CROMA] IDBI Home Loan Balance Transfer
>>
>>
>>
>> Alikeshwar Tiwari has got his lian tfr to IDBI talk to him. In case any help required I will try to manage
>>
>> Sent from Yahoo Mail on Android
>>
>>
>> ________________________________
>> From: RAJ KUMAR RAJU rajubanka@gmail.com [CrossingsRepublikOwnersAndMembersAssociation-CROMA] <CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in>;
>> To: crossingsrepublikownersandmembersassociation-croma <CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in>;
>> Subject: [CROMA] IDBI Home Loan Balance Transfer
>> Sent: Fri, Jul 25, 2014 2:36:32 PM
>>
>>
>>
>> Hello,
>>
>> Have you transferred your existing Home Loan from any bank to IDBI Bank? or have you taken Home Loan from IDBI Bank for your Flat @ Crossings Republik? Please advise as my current Home Loan is with HDFC and now I am planning to do the balance transfer (Loan Transfer) to IDBI Bank.
>>
>> --
>> Thanks & Regards,
>>
>> Raj Kumar Raju
>> Mahagun Mascot
>> Crossings Republik Township
>> NH-24, Ghaziabad (U.P.)
>>
>>
>>
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