Hot Deal

Home Loan balance Transfer

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Deal Subedar
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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

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Documents to be submitted at BOB:

  1. last two year ITRs,KYC of applicant/co-applicant
  2. property document copies(general)
  3. Account statements #
  4. 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
:

  1. 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.
  2. Offer is till end of fiscal(as per manager), so better visit the branch early if interested. __________________________________________________________________

key benefits

  1. Zero processing charges 
  2. Old insurance will work 
  3. Zero cost for valuation report(Manager agreed to reimburse)
  4. 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.

    _________________________________________________________________

    Expired
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    104 Comments  |  
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    Benevolent Benevolent
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    Any pre closure of other charges paid?

    Deal Subedar Deal Subedar
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    Home loans will never have pre payment charges (i think it's a rule by RBI)

    View 11 more replies
    Wingman Wingman
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    I am paying 9.6% to SBI. Thinking of moving out for lower rates..

    Does SBI have a retention team?

    Deal Lieutenant Deal Lieutenant
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    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 week 
    View 13 more replies
    Benevolent Benevolent
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    pls update link

    Deal Subedar Deal Subedar
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    What's your current outstanding amount?

    Deal Cadet Deal Cadet
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    At what point(step) Axis bank knows you are moving to BoB?

    Tech Guru Tech Guru
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    BOB Advantage loan?

    Hunk Hunk
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    *

    Deal Cadet Deal Cadet
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    When does the retention team comes into picture?After opting for balance transfer?

    Deal Newbie Deal Newbie
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    I phone 

    Deal Cadet Deal Cadet
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    Can be done at 8.5% from a private bank but with my help only and your files too.

    Deal Subedar Deal Subedar
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    Was getting same ROI at HDFC, and 8.0 at local co-operative(with strong foundations). PSU appeared better than private for me.
    Deal Subedar Deal Subedar
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    Missed to provide the detailed information last night, updated the thread with answer to asked queries.

    CC @Aravind_18 @caks2006407 @BAT_MAN @neehesh @raghupro 
     


    Deal Captain Deal Captain
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    I also want to try moving out and get retention benefit , mine existing is at bob
    Helpful Helpful
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    "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. 

      Deal Subedar Deal Subedar
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      Agreed, will keep in mind.
      Deal Cadet Deal Cadet
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      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?

      Deal Newbie Deal Newbie
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      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%.

      Beacon Beacon
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      Will it work for home loan on under construction property? My SBI home loan rate has gone from 6.7 to 9.2% now. I m Not willing to go for nbfc like hdfc as they don't follow repo linked home loan - so in downturn of interest rate they will reduce rate at slower pace. BOB would be fine.
      Deal Captain Deal Captain
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      If your house construction is completed, visit the RACPC and tell them that your interest rate is high and that you would like to go for balance transfer to other bank. They will try to retain you by reducing the interest rate.

      View 1 more reply
      Helpful Helpful
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      Any idea for union Bank i have @ 9.4%. any retention team.there?

      HDFC was qouting 8.5% last month i thought they might be hiding some additional charges.

      Deal Cadet Deal Cadet
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      Loan transfer always includes 2% charges towards MOTD for the loan amount.
      Deal Subedar Deal Subedar
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      it's 0.35% here. Didn't care to highlight that out of common courtesy and region specific rates.
      Nett amount I am paying =  

      .35% mortgage +  Stamp paper + valuation report.

       

      View 9 more replies
      Deal Cadet Deal Cadet
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      I am an existing customer at HDFC and at @ 8.45 because of frequent conversions from them which i myself enquire. My property is not registered so PSU for me is not at all an option

      Wingman Wingman
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      Currently I pay 9.55% rate in SBI. HDFC offers 8.5% and I visit sbi for preclosoure and list of documents they advice me not to transfer from sbi and say in March we are not giving above documents..we give in April ...very bad experience from SBI

      Helpful Helpful
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      Which location bro? 

      Deal Newbie Deal Newbie
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      Don't they will increase ROI in 3 -4 months to match ?

      Deal Newbie Deal Newbie
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      Request guidance.

      I had visited one construction site G+7 flrs where the developer told me that project is legal but plot size is small so MAHARERA is not applicable on this project. If its right then where we can check the status ( authentication) of the project.

      Deal Newbie Deal Newbie
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      I am currently on Au bank at 9.25 %

      Deal Newbie Deal Newbie
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      BEST IS IDBI BANK

      Deal Lieutenant Deal Lieutenant
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      Does BoB has centralised customer service email id for home loans? Pls share if anyone is aware.

      Deal Lieutenant Deal Lieutenant
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      Good thing about BoB is they don't charge additional interest rate for their 'Advantage' Home loan, which is similar to SBI Max Gain. SBI has higher interest rates for Max Gain.

      Benevolent Benevolent
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      Already BoB did CIBIL enquiry though I requested not to do but give some approx offer based on latest score

      rcvd calls from SBI regional manager for retention, now rcvd email consent for CIBIL hit by SBI so they can give offer

      these people play with CIBIL

      Helpful Helpful
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      dropped an application to provide concession on the Home Loan interest rate at SBI today.
      Hope they process it else will approach bank directly in person.

      Wingman Wingman
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      How? What is the process to submit the application

      View 3 more replies
      Helpful Helpful
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      I visited the branch directly. Unfortunately my Loan branch and racpc are located different. 
      So I had 2 options: Either I could have gone to home branch and asked for concessation in Home Loan interest (which would have been granted immediately as per bank staff) or I could have submitted a handwritten application aat racpc to get it forwarded to my Home branch and they would consider it (takes longer time).
      While visiting branch you can directly ask for concession in interest rate.

      Wingman Wingman
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      I visited the SBI RASMECC office today and met the Home loan maintenance team and tried to negotiate rates. They did not budge and said it is based on repo rate and we cannot decrease it or match other banks interest rates.

      They said to write a letter to evaluate again based on the existing CIBIL score and did not confirm any change in rates. So I just wrote a letter and attached PAN and aadhar copies.

      If they don't change it even after that then I need to opt for Home loan transfer to some other banks

      View 2 more replies
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