Home Loan interest @MCLR

Q & A Forum › Category: Home Loans & Credit › Home Loan interest @MCLR

tsaghosh asked 9 years ago

I (with wife as co-applicant) have a Home Loan of Rs. 30 Lakh with SBI at 9.85% (base rate) availed on 2010. Now last week, I have given request to bank to change interest rate at current MCLR. Based on my request, the bank reduced interest rate to 8.5%. But as per the SBI website, the new MCLR based interest rate is given as 8.35% for a loan up to 30 Lakhs (if borrower is woman and salaried class). Please confirm whether we are eligible for the reduced interest rate of 8.35%. Thanks

2 Answers

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Sreekanth Staff answered 9 years ago

Hi, May I know who is the Primary Loan applicant? I believe that woman borrower should be a primary applicant in case of Joint loans to avail special Rate of interest.

tsaghosh replied 9 years ago

Bank has actually reduced the interest rate to 8.5% considering woman borrower; otherwise it will be 8.55% as reacted by the bank staff. Is there any partiality towards existing borrowers?

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Sreekanth Staff answered 9 years ago

Hi, Yes, most of the banks offer different RoIs to existing borrowers Vs New borrowers. Suggest you to re-negotiate with your banker on this. There are occasions where bank(s) reduce RoI based on negotiation.