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adProperty News

Home loan rates dipping…plan right now
Source : The Hindu Property Plus Published On : 2009-01-11 City : Visakhapatnam

 Do not wait anymore; borrow from the best  option available, advises Srikala Bhashyam

In the last a month and half there has been plenty of action on the interest rate front. The stimulus package unleashed by the government in an effort to reduce the burden of slow-down has centered on rate cuts. As a result, interest rates have turned more volatile then sensex in the short term.

The above trend hag triggered speculation that days of home loan rates of 7.5-8 % could well be back in the near term. If we take a look at the whole market, the housing loan interest is in the range of 10.5 % to 12 %. But most of the individual borrowers still anticipating the rates to come down to single digit figures, which is most unlikely.

Smart Shopping needed

Home loan seekers will have to do some smart shopping and look for a combination of better deals from builders and more and borrow from the best option available now. Many banks have already come up with announcements of reduced rates and very few banks have not yet taken expected decision. If you are current bank does not offer such benefits. You can switch to other banks.

While reducing interest rates, each bank follows its own style. For example, country’s largest bank ICICI bank planned to slash the rates by one go where as another top private bank HDFC preferred to do it phases, This makes decision to continue with the current bank or to switch a bit difficult. But before switching another lender from your current one, you need to check few points.

 Some banks put pre-clo-sure penalties and this will nullery the advantage of lower rate offered by a different lender.

So calculate carefully if the nets gain of going for new lender is more then the pre-clo-sure penalty by current lender.



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