POSTED BY August 7, 2012 10:44 am ONE COMMENTON
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)..now 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 do..pay 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
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One reply on this article “SBI home loan Sanctioned on 30th july”
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.