https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157818
Any pre closure of other charges paid?
Home Loan balance Transfer
Initiated the process to shift my uncle's home loan from Axis to Bank of Baroda's "Takeover scheme" loan.
Current ROI at Axis - 9.05
Best deal provided from retention team - 8.75
ROI offered by BoB's - 8.50
_____________________________________
Documents to be submitted at BOB:
- last two year ITRs,KYC of applicant/co-applicant
- property document copies(general)
- Account statements #
- List of Documents (LOD) #
# this two documents should come from original lender. For Axis, we have to visit the Loan department, and have to request the same. Account statement comes instantly in mail, LOD comes over courier to registered address.
_________________________________________________________________
Axis Retention:
LOD is usually asked for outstanding transfer. I was told by agent to request the LOD, as it's being end of fiscal, they'll cut some stack to retain me. However, the person at desk received my document request without any bother. So, I asked her if they usually let go customers that easily without any retention.
Then she asked me if I would like to hear back from retention team, and she took another request for callback from retention team. She entered the name of competitor and offered ROI.
Under 3 working days, my uncle started receiving calls. and upon third day of daily calls, he heard the best of them as 8.75. he denied and asked the LOD explicitly. It was matter of yesterday, let's see if he still gets' another call today.
_________________________________________________________________
Pre-closure charges from AXIS:
My agent from AXIS said there would be no pre-clause charges to issue the NOC.
only the charges of LOD that gets delivered to my address.
__________________________________________________________________
Some important terms of BOB offer :
- As per the manager, minimum amount transfer amount is 30L. our current outstanding is 27L. so he insisted to take a top-up, as we're not looking for any top-up be agreed to make his best possible to offer the loan of 27L. In nutshell, they'll easily provide the top-up if someone asks.
- Offer is till end of fiscal(as per manager), so better visit the branch early if interested. __________________________________________________________________
key benefits :
- Zero processing charges
- Old insurance will work
- Zero cost for valuation report(Manager agreed to reimburse)
-
Any credit amount kept in SB will make the Interest 0 of the same amount on loan outstandings
counted daily; have to let go savings account interest(2.75)
For example,
Outstanding = 27L , SA balance = 3L then
24L @ 8.5%
3L @ 2.75%
Makes the average at 7.86% per annum if I maintained the 3L SA for 365 days. daily pro-rata basis, otherwise.
_________________________________________________________________
Expiring In
24 days
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Top Comments
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157839
I am paying 9.6% to SBI. Thinking of moving out for lower rates..
Does SBI have a retention team?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157860
pls update link
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157871
What's your current outstanding amount?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157903
At what point(step) Axis bank knows you are moving to BoB?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157904
BOB Advantage loan?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157912
raghupro wrote:Any pre closure of other charges paid?
Home loans will never have pre payment charges (i think it's a rule by RBI)
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157921
*
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9157938
When does the retention team comes into picture?After opting for balance transfer?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158061
I phone
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158077
Can be done at 8.5% from a private bank but with my help only and your files too.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158136
Missed to provide the detailed information last night, updated the thread with answer to asked queries.
CC @Aravind_18 @caks2006407 @BAT_MAN @neehesh @raghupro
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158225
I also want to try moving out and get retention benefit , mine existing is at bob
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158240
manehari wrote:go talk to your loan branch manager and ask for revised rates. they will submit proposal to their internal team and ask you to wait for a weekI am paying 9.6% to SBI. Thinking of moving out for lower rates..
Does SBI have a retention team?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158271
Richer wrote:Was getting same ROI at HDFC, and 8.0 at local co-operative(with strong foundations). PSU appeared better than private for me.Can be done at 8.5% from a private bank but with my help only and your files too.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158416
"As per the manager, minimum amount transfer amount is 30L. our current outstanding is 27L. so he insisted to take a top-up, as we're looking for any top-up be agreed to make his best possible to offer the loan of 27L. In nutshell, they'll easily provide the top-up if someone asks."
Please check & be careful. Usually Home loan Topups are at a slightly higher cost than the normal loan.
Not sure why the min amount is 30L - manager might be tricking you into getting a higher loan amount. Considering the high interest rates era currently, avoid taking unnecessary loans (& minimize your loan amount) as much as possible.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9158511
rn09 wrote:Agreed, will keep in mind."As per the manager, minimum amount transfer amount is 30L. our current outstanding is 27L. so he insisted to take a top-up, as we're looking for any top-up be agreed to make his best possible to offer the loan of 27L. In nutshell, they'll easily provide the top-up if someone asks."
Please check & be careful. Usually Home loan Topups are at a slightly higher cost than the normal loan.
Not sure why the min amount is 30L - manager might be tricking you into getting a higher loan amount. Considering the high interest rates era currently, avoid taking unnecessary loans (& minimize your loan amount) as much as possible.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159012
raghupro wrote:Any pre closure of other charges paid?
no preclosure charges can be imposed by any bank as per RBI if the loan is floating interest rate
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159145
I have an existing loan with bob. Now as they're offering a lower ROI for new customers, can anyone advise how to get it reduced for existing customers?
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159166
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159204
manehari wrote:I am paying 9.6% to SBI. Thinking of moving out for lower rates..
Does SBI have a retention team?
Just visit the maintenance dept in SBI Racpc where you had gone to sign the home loan documents. They will lower the interest rate.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159205
Expand
asli_shashikant wrote:
How and what is process to negotiate
Just visit the maintenance dept in SBI Racpc where you had gone to sign the home loan documents. They will lower the interest rate.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159207
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159379
Expand
keyboard_warrior wrote:Is this applicable to nbfc also?no preclosure charges can be imposed by any bank as per RBI if the loan is floating interest rate
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159433
Anyone requires new loan or want to do balance transfer can contact me for mumbai cases. 98196 74284. We are a dsa for more than 30 banks (govt and pvt). Roi starts from 8.5%.
https://www.desidime.com/discussions/home-loan-balance-transfer?page=1#post_9159440
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Home loans will never have pre payment charges (i think it's a rule by RBI)
"As per the manager, minimum amount transfer amount is 30L. our current outstanding is 27L. so he insisted to take a top-up, as we're looking for any top-up be agreed to make his best possible to offer the loan of 27L. In nutshell, they'll easily provide the top-up if someone asks."
Please check & be careful. Usually Home loan Topups are at a slightly higher cost than the normal loan.
Not sure why the min amount is 30L - manager might be tricking you into getting a higher loan amount. Considering the high interest rates era currently, avoid taking unnecessary loans (& minimize your loan amount) as much as possible.