Hi,
I have a home loan of 35.75 lac from LIC HFL with a fixed rate of 10.7% for first 3 yrs. and floating then after. Overall tenure is 15 yrs.
My EMI started from July 2012 and after making pre-payment twice the oustanding loan now is 31 lac and tenure has been reduced to almost 12 Yrs.. SBI had a promotion counter in my office and their representative suggested me to do a pre-payment of 1 lac more, so that the outstanding amount will be 30 lac and SBI offers interest rate of 9.95% for loan upto 30 lac.
I’m thinking of home loan transfer from LICHFL to SBI. Will there be any charges I need to pay to LIC as well as SBI?
My current EMI is Rs.40054/-
With the rate of 9.95% on 12 Yrs. tenure, I calculated my EMI and it comes to around Rs.35800/-which is almost 4K less every month.
Will this save any money for me considering the penalties & charges to be paid at both the places – LIC HFL & SBI?
Thanks & Regards,
Sameer