I have a home loan of Rs 8 lakh which I bought from HSBC@12.25% p.a. (Floating). Kindly suggest if it will be wise to change & which bank should I approach for cheaper home loan for an perios of 20 years maximum
Dear kapil shah, based upon the data of ur post, U may opt a balance transfer from any PSU bank or from Axis bank if u want to remain with a private bank.
U `ll be offered interest rate anywhere from 8.5 to 9% from these banks.
Plz. note - In case of balance transfer, HSBC bank `ll levy a penalty on u as well as new bank `ll also levy processing fee on the loan amount. This `ll increase ur over all borrowing cost but as the time frame is 20Y & the difference in interest rate is around 3-3.75%, it make sense to go for balance transfer.
| NIFTY 
