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10 things to know about the new loan rate

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10 things to know about the new loan rate

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  1. Housing Loan Interest Rates

  2. 10 Things to know about the new Loan Rate

  3. This month, all banks moved to a new lending rate regime—the marginal cost of funds-based lending rate (MCLR). • Till March-end, new floating rate loans were linked to base rate. • The new rate regime is likely to improve transmission of rates to the end consumers. If you check the current interest rates, • MCLR-linked home loans are at least 10 basis points (bps) cheaper than base rate-linked home loans.

  4. How does such a loan function? If you are a new borrower who has taken a floating Housing Loan Interest Rates home loan, then it will be linked to MCLR. • This means two things: one, you will have a reset clause in the loan documents, and two, you will have a spread. • How can an existing borrower move to MCLR? Currently, these loans are cheaper than base rate-linked loans.

  5. Can one negotiate with the bank on any of the charges? You can negotiate the switching charges and other administrative costs. “ • Though the bank has a list of charges, most of these can be negotiated. • [Source: http://www.livemint.com/Money/Xizd6EP6QOnFTl7jtxbQSO/10-things-to-know-about-the-new-loan-rate.html]

  6. Follow us on : https://www.facebook.com/HDFCHomeLoanExperts https://twitter.com/HomeLoansByHDFC https://www.youtube.com/user/hdfcltd https://www.linkedin.com/company/hdfc?trk=top_nav_home

  7. Click to know more on Housing Loan Interest Rates: https://www.hdfc.com/home-loans-salaried Thank You…

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