Hi,
I’ve a home loan with SBI for which I’m paying 11% interest. I wanted to switch to new interest rate(10.15%). On approaching the bank, I was told that it can’t be converted to 10.15%, rather they can give me 10.3%. As per bank official, this new rate is only applicable to the new customers. Also conversion fee is 0.56% on total outstanding amount and surplus loan amount. My queries are
1) Is there any way to get the new interest rate?
2) Is conversion fee negotiable?
3) Is conversion fee charged on surplus amount as well? (In my case, all disbursements are done except the amount to be paid by the bank in time of property registration.)
-Thanks
Mainak