SBI home loan Sanctioned on 30th july

POSTED BY Gaurav.007 ON August 7, 2012 10:44 am ONE COMMENT

Hello friends,
I signed my documents for max gain home loan a week back..n in 4 days time I read about the new interest rate 10.25…my loan has been sanctioned on 10.5…neither have I taken disbursement nor have I submitted them demand letter for one..
loan amount is 22 lakh for 25 years (target is to repay in less than 7 years) i `m in fix …what should i do ..i spoke to the manager..n he said since 10.5 is mentioned in ur documentation, we cant help u ..which means, if i want the new interest rate..i would have to pay 1 % of the outstanding loan amount..which is 22k..
what should i 22k n shift to new rate…or continue with the old rate for few months n wait n watch for base rate to come down..
if there is another way out then please suggest..
thanks in advance

One reply on this article “SBI home loan Sanctioned on 30th july”

  1. BRSINGH says:

    I think just wait for few days and follow up news. I saw in news this issue as the rate is only reduced for the new customer. This has been severely criticised by RBI as SBI did not cut the base rate.

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