Hot Deal

Home Loan balance Transfer

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Deal Subedar
TempAcc

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:

  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.

    _________________________________________________________________

    Expiring In 24 days
    Disclaimer
    We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
    Top Comments
    Deal Subedar Deal Subedar
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    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)

    Deal Cadet Deal Cadet
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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 Cadet Deal Cadet
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      Loan transfer always includes 2% charges towards MOTD for the loan amount.
      94 Comments  |  
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      Pro Tech Guru Pro Tech Guru
      Link Copied

      Any pre closure of other charges paid?

      Deal Cadet Deal Cadet
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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 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?

      Deal Baba Deal Baba
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      BOB Advantage loan?

      Deal Subedar Deal Subedar
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      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)

      Talk-Of-The-Town Talk-Of-The-Town
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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 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 Captain Deal Captain
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      I also want to try moving out and get retention benefit , mine existing is at bob
      Deal Lieutenant Deal Lieutenant
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      manehari wrote:

      I am paying 9.6% to SBI. Thinking of moving out for lower rates..

      Does SBI have a retention team?

      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 
      Deal Subedar Deal Subedar
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      Richer wrote:

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

      Was getting same ROI at HDFC, and 8.0 at local co-operative(with strong foundations). PSU appeared better than private for me.
      Deal Cadet Deal Cadet
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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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        rn09 wrote:

        "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. 

          Agreed, will keep in mind.
          Deal Cadet Deal Cadet
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          manehari wrote:

          I am paying 9.6% to SBI. Thinking of moving out for lower rates..

          Does SBI have a retention team?

          I got my interest reduced to 8.85 from SBI retention team

          Deal Newbie Deal Newbie
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          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

          Deal Cadet Deal Cadet
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          Expand
          Novato wrote:

          I got my interest reduced to 8.85 from SBI retention team

          Glad to hear. What is the process you followed?
          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?

          Wingman Wingman
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          Expand
          Novato wrote:

          I got my interest reduced to 8.85 from SBI retention team

          How and what is process to negotiate
          Deal Cadet Deal Cadet
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          Novato wrote:

          I got my interest reduced to 8.85 from SBI retention team

          How did you convince them?

          Deal Captain Deal Captain
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          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.

          Deal Captain Deal Captain
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          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.

          Deal Captain Deal Captain
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          dungo wrote:

          How did you convince them?

          Just visit the maintenance dept in SBI Racpc where you had gone to sign the home loan documents. Tell them that you are getting better offer from other banks at lower interest rate. They will lower the interest rate.

          Deal Newbie Deal Newbie
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          keyboard_warrior wrote:

          no preclosure charges can be imposed by any bank as per RBI if the loan is floating interest rate

          Is this applicable to nbfc also?
          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%.

          replyuser
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