HDFC Fixed rate interest plan at 11% for 10 years

POSTED BY Balaji Tunuguntla ON August 29, 2012 12:18 pm COMMENTS (8)

Recently HDFC launched fixed rate interest plan @11% for a tenure of
10 years. can you guys please let me know whether I should opt for
this loan or not. Or should I go for floating rate 10.5% (RPLR- Spread
16.5-6).

I tried to google around what are the home loan interset rates for the
past 20 years but I am not able to get any information. Generally what
is average intereset rate a person pays to the bank over a period of
10 years in case of floating rate. If I can get data for 1990 to 2000
and 2000 to 2010 we can compare and then take a decision is what I
felt. Can you please help me ragarding this. If we can consider SBI
and HDFC it should be good enough.

I am trying to switch my home loan from Kotak to some other bank.

 

8 replies on this article “HDFC Fixed rate interest plan at 11% for 10 years”

  1. Kotak Support Team says:

    Dear Sir,

    Trust our Bank official from the loan department has already addressed all your concerns to your satisfaction.
    Assuring you of our best services at all times.

    Thanks and Regards,
    Kotak Support Team.

    1. Balaji Tunuguntla says:

      Already addressed? There is an SR raised with my concerns but not addressed. Anyway I am just trying to get ready with data which I require to choose an another option in case if the results are not as per my satisfaction. Thank you for time and support.

  2. Balaji Tunuguntla says:

    Thank you Ashal for your reply, even I am under a feeling that interest rates will go down but as per me it is a cycle. That is why I wanted to know what is the average ROI a person ends up paying to the bank for a tenure of 10 years.

    1. Dear Balaji, no one can predict the rate cycle to the perfection. Also looking in the past data ‘ll not provide any clear guidelines for the future. At best you can do – Try to pay back the loan when the interest rates are lower or try to lock-in lower fixed rate instead of high fixed rate.

      Thanks

      Ashal

      1. Balaji Tunuguntla says:

        Thank you Ashal for you time and reply.

        1. Dear Balaji, Please opt floating rate as of now. After 2-3 years as & when the interest rates are in band of 8-9%, try to lock it for fixed at that time.

          Thanks

          Ashal

          1. Balaji Tunuguntla says:

            Thank you Ashal. I will be opting for HDFC floating rate plan.

  3. Dear Balaji, if it’s possible to you, please opt SBI’s Max Gain. Even in case of HDFC, Please opt for Floating rate. From here on wards, the rate ‘ll move more likely downwards.

    Thanks

    Ashal

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