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. Ashal Jauhari says:
    March 4, 2013 at 6:22 pm

    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

    Reply

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