HOW THE MONTHLY INTERST CALCULATING FOR HOUSING LOAN

POSTED BY Rajesh MS ON March 4, 2013 5:50 pm ONE COMMENT

Dear Sir,

 

I have taken a housing loanr  before 2 year from UBI which is having floating interest rate.I have some doubt.Now bank is calculating my interst as Base rate +1%.But is this correct? Whether I am eligible for the present market interest?

1.Generally how the floating interset rate is being calculated by the banks ?

2.What is the RBI rule for this?

 

Regards,

Rajesh

One reply on this article “HOW THE MONTHLY INTERST CALCULATING FOR HOUSING LOAN”

  1. Dear Rajesh, it seems at the time of availing loan, your one was given with a PLR linked one. Which was converted to base rate linking by keeping the spread in such a way that your the then existing ROI did not change. Now if you do want to get new ROI as offered to new customer, please contact your bank. By paying a conversion fee you ‘ll get the new ROI.

    Thanks

    Ashal

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