Planning to opt for home loan with SBI
SBI is offering 8.55% rate of interest (can try to negotiate for 8.5%) for home loan
Is there anything that I should consider or take care when am choosing SBI ? Any hidden charges ? Anyway to reduce the interest rate or waive off the processing charges or any specific charges ?
PS: Bank of India is offering almost 8.40-8.45 HDFC is offering almost 8.60-8.65 Axis is offering almost 8.65 ICICI is offering almost 8.70-8.75
Talking product sense with Ridhi
9 min AI interview5 questions
RBL Bank provides the lowest interest rate for Home loan among all. 8.20-8.30%
Additional Tip -
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If you are already having Term insurance, you can ask bank not to add insurance while opting loan this will reduce the EMI
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Whenever you get bulk amount try to give extra EMI this will drastically lower the no. of years (keep EMI Same throughout, just reduce the tenure)
Why?. My 2 cents unless you have the cash, don't buy a house.
Never buy a house based on future cash flows. The housing market is extremely overheated. The City apartments are shitty in size and construction quality. Not worth buying it on lottery winnings, let alone on a loan.
Dont focus on the rate but the product Take Maxgain option if available Route salary into OD account, manage expenses from that OD to minimize daily interest and pay off faster
SBI is good, i didn't face any hidden charges. I didn't negotiate too much on the interest bit, because I had the loan for a minimum (5 year)tenure, got my processing fee waived some 5k was reduced