How to switch over to SBI housing loan current rates

POSTED BY Vamsi ON September 11, 2012 3:14 pm COMMENTS (4)

I have taken SBI housing loan 1 year back and right now i am paying with interest rate 11%..

 

I heard the current rate of interest is 10.25% and i can convert mine to it by paying 1% of the oustanding amount..

 

How can i do it?

4 replies on this article “How to switch over to SBI housing loan current rates”

  1. Anupam Mehta says:
    November 6, 2012 at 7:28 pm

    Ashal , can you help me with this:
    When we pay and change to the new interest rates, does our margin money % (i.e currently 1% for me), also change for the remaining tenure of the loan ?
    Currently my interest rate is 9.75 %(base rate)+1 %(margin money) = 10.75%
    With the change will it be like 9.75 %(base rate)+0.25 %(margin money) = 10%
    Can you pls help ?

    Reply
  2. Ashal Jauhari says:
    September 11, 2012 at 3:22 pm

    Dear Vamsi, for the desired conversion please contact your SBI branch from where you had applied for your home loan.

    Thanks

    Ashal

    Reply
    1. Vamsi says:
      September 11, 2012 at 3:24 pm

      Is there any other way other than going to bank, as i cant go to the bank for next 2 months as i am out of the place for now..

      Reply
      1. Ashal Jauhari says:
        September 11, 2012 at 3:27 pm

        Dear Vamsi, there ‘ll be a new loan agreement between you & your bank. So your physical presence is compulsory. In case it’s a joint loan, please check with your bank that in your absence, can your loan ROI be reduced, under the signature of joint loanee only?

        Thanks

        Ashal

        Reply

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