Quote:
Originally Posted by cpserrao  Many thanks for posting this information. Using this information I was able to play ICICI bank against SBI and Citi and negotiate a rate 0.5% less than what was originally quoted. Got an effective rate on 9.65% (after finance payout etc) on 4.75L for 36 months. Managed to lock in the rate before the increase happens. |
How much does that work out to in EMI? How did you calculate effective rate? I did this quick calculation based on infor available at the HDFC website for 13.5% interest (which is what I think they are offering)
amount yrs EMI
total diff % higher 350000 3 11878 427608 77608 22.17371 350000 5 8054 483240 133240 38.06857
It seems like we payout 1,33,240 more for a 3,50,000 loan amount over 5 years. Crazy difference, if you ask me.