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Planning to take a home loan? A snapshot of rates offered by various banks

Here's how the home loan rates by public and private sector banks stack up

Topics
home loan rate | Home loans | Reserve Bank of India

Bindisha Sarang 



Home loan

It's time to go rate shopping with a lender offering better terms under the new regime
  • Since October 1, all banks have shifted to the (RBI) mandated external benchmarks for pricing their new home loans
  • Banks, therefore, have to move away from the MCLR regime, where the benchmark was set by banks based on their cost of funds
  • Several banks have launched their repo rate-linked . Remember, repo-linked are expected to be more responsive to RBI’s rate cuts
  • To know if it makes sense for you to switch your home loan, check the interest rate you are paying currently with the new offerings out there
  • First, approach your lender and request a revised lower interest rate. If it doesn't agree, evaluate other banks
  • Always take into account the cost of switching, like processing fee, legal fee, etc
  • Zero in on a couple of lenders and approach them. If you have been a good borrower, negotiate with the new lender to get the processing fee waived

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First Published: Fri, November 01 2019. 11:53 IST

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