Hello,
I have a query for SBI Home Loan Interest Rate.
I am having home loan at ICICI @ 11% which i started in Sep 2012. I have applied for Home Loan transfer in SBI on 19th Sep 2013 for approx. 43L balance. Though in SMS I got alert as – “Your HL Proposal of 43L received by us on 27 SEP 2013 is sent to CPC / taken for Procession on 7 OCT 2013”. On 9th Oct, I got SMS that my loan is sanctioned.
Now as you know –
Before 1st Oct, spread for Home Loan > 30L was 0.4%. This implies 10.2% (9.8 + 0.4)
However, effective 1st Oct, spread for Home Loan > 30L became 0.5%. This implies 10.3% (9.8 + 0.5)
1) Please let me know what will be spread for my case as I applied before Hike though Loan is sanctioned after Hike by SBI?
2) In case, spread is .5%, will bank be ready to negotiate on Spread as Other banks are offering low interest rate for Home Loan > 30L? Below is my analysis –
10% – Canara Bank
10.2% – UCO bank, Indian Bank
10.25% – IDBI, Dena Bank, Bank of Baroda, PNB, Corp Bank, OBC, Union bank, United Bank, Standard Chartered, Central bank, Syndicate bank
Now, SBI is no more bank which provides lowest home loan rates.
Thanks,
Anish