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POSTED BY ON February 6, 2014 4:18 pm COMMENTS (4)
I have bought the flat in June-2010 in Bangalore and opted for SBI Max gain. At that time
interest was like this :
1st Year – 8%
2-3 Year – 9%
4th onwards – Base Rate + 1.75% (as per our agreement with bank) => 11.75 % as of now
So how should I change it to 10% range? How the fee for changing the interest slab calculated? Is it calculated like a percentage of outstanding loan amount ( If I can Park more fund in O/D fee can be reduced) ??
Please help me
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And if you are willing to pay out whatever surplus in your OD a/c to the bank, they will consider only the remaining outstanding amount and charge 0.56% of that. If you have other liquid funds elsewhere, you can opt for this. Otherwise it is better to pay 0.56% of the whole outstanding principal and still maintain your surplus in the OD a/c.
As on date the limited period offer is base rate (10% )+ 0.1% for loan taken by women and base rate (10%) + 0.15% for others.
They are also willing to give at 10.1% for joint home loan with your spouse or mother, considering it under ladies category.
The rate till end of your loan term will always be base rate + 0.1%, whatever be the base rate. This is a very good deal and considering your current rate of base rate + 1.75% you can definitely go for this.
Dear madhu, the rate conversion fee for you is 0.56% of your as on date DP. So your surplus amount parking ‘ll not help a bit to bring down your fee amount. 🙂
Thanks
Ashal
Dear Madhu,
The interest rates are fixed by the bank and is not changeable by the individual. In any case it would be best that you approach the bank directly for further details and negotiation.
Regards,
Credexpert
http://www.credexpert.in