Home loan transfer Query from IDBI bank

Following

Can you explain loan insurance part in detail

Which state?

Assuming a loan of  4148213  tenure  291 months 

the repayment will be like this new vs old interest

If your  pre-closure charges+ new loan processing/ mortgage charges   are less than 7.95 lakhs (or say 6.5 lakhs if you consider even this as a loan)it can be profitable assuming no further pre-closure

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https://emicalculato...t/

may verify once more

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Bro I can answer this as I was in same boat.

1. It's the introductory offer of banks, the interest rate might increase or gets adjusted by not passing on the benefits of RBI reduction in rates.

2. When you transfer there will be no preclosure, but you have to redo the Deposit of Deeds (DoD) or MoD in new bank name, which cost 0.18% in Karnataka, this amount equated to my 1 year interest saving.

3. Ask the existing bank on reducing the rates, threaten by asking these,

1. Please provide me list of original documents withheld

2. What are the home loan takeover charges not preclosure, ask them how much they charge if SBI takes over. None of the Nationalised banks charge you, it's that you are letting them know you want to move. Then talk to manager and regional manager, ask for rate reduction on par with SBi, they might reduce it by 0.15 to .25%.

I had loan I moved it to same bank Overdraft Homeloan, parking the extra funds to get 9.3% interest saving, money saved is money earned.

Guys if you don't mind please check and update the latest loan rates on your home loans.

When I took it was from Union bank 6.95%, then it went to 9.45%, now with union smart save at 9.35%