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

Bindisha Sarang
Last Updated at November 3, 2019 20:21 IST

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

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