Beware of festive home loan offers

saabasheer · 28th November 2007, 21:49

Whatever the interest rate offers they give initially are for 3 to 4 months only... After that they will send a letter stating that the PLR rates are revised, so your rate also changed. I have seen more cases like this.......

travelwriter · 13th December 2011, 17:11

Is it a good idea to move away from HDFC and transfer the home loan to another bank now?

I have spoken to people at HDFC and they have left me confused.

HDFC is the only institution that has agreed to waive pre-payment charges when you switch over to other banks. Even nationalised banks have not implemented this rule yet.

HDFC also claims that their services are hassle-free and transparent while other banks have a lot of hidden charges.

My only intention is to reduce either the tenure of the home loan or EMI or, preferrably, both.

Need some advice from members with experience in this on whether this is a right time to swap and what are the current prevailing rates on taking loans from other banks.

procircuit_234 · 13th December 2011, 19:35

ok then but how about fixed interest rate scheme from HDFC.they are offering 10.75%fixed for 3 years and 11% fixed for 5 years.and 10.5 flating.available till 31st dec.which is the best option?

28th November 2007, 21:49	#16
saabasheer BHPian Join Date: May 2007 Location: Chennai Posts: 70 Thanked: 13 Times	Whatever the interest rate offers they give initially are for 3 to 4 months only... After that they will send a letter stating that the PLR rates are revised, so your rate also changed. I have seen more cases like this.......
	() Thanks

13th December 2011, 17:11	#17
travelwriter BHPian Join Date: Feb 2009 Location: Hyderabad Posts: 296 Thanked: 116 Times	Switching loan provider - need some advice Is it a good idea to move away from HDFC and transfer the home loan to another bank now? I have spoken to people at HDFC and they have left me confused. HDFC is the only institution that has agreed to waive pre-payment charges when you switch over to other banks. Even nationalised banks have not implemented this rule yet. HDFC also claims that their services are hassle-free and transparent while other banks have a lot of hidden charges. My only intention is to reduce either the tenure of the home loan or EMI or, preferrably, both. Need some advice from members with experience in this on whether this is a right time to swap and what are the current prevailing rates on taking loans from other banks.
	() Thanks

13th December 2011, 19:35	#18
procircuit_234 BHPian Join Date: Oct 2009 Location: mumbai Posts: 223 Thanked: 16 Times	Re: Beware of festive home loan offers ok then but how about fixed interest rate scheme from HDFC.they are offering 10.75%fixed for 3 years and 11% fixed for 5 years.and 10.5 flating.available till 31st dec.which is the best option?
	() Thanks