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

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 Reserve Bank of India (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 loans. Remember, repo-linked loans 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