POSTED BY March 31, 2012 12:49 pm COMMENTS (2)ON
SBI have launched new scheme for existing Home Loan Borrower’s of Switch to new floating rate.
Scheme is : Currently SBI calculates rate like PLR minus some constant.
PLR is 14.5…. So for me home loan rate is 14.5 – 2.25 = 12.25
In new scheme I need to pay 1% of outstanding E.g. for me 12L is outstanding so need to pay 12000 one time cost.
New rates will be 10.75%. So I will be saving 1750 per month. and to recover 12,000 cost I need 7 months.
But as interest rates will be coming down. My doubt is if this new rate 10.75 (This is based on BASE RATE) will also come down.
More details on following.