Housing Loans: Switch over to present lower rate of interest
The branches may allow our existing customers to switch their Housing Loan to prevailing Rate of Interest applicable as per Housing loan scheme of the Bank by paying conversion charges (up- front) as under:
- If existing spread as per sanction is up to 2%:-
Switching fee: 50 basis points (0.50%) on outstanding amount at the time of switchover to be taken upfront.
- If existing spread as per sanction is more than 2%:-
Switching fee:100 basis points (1.00%) on outstanding amount at the time of switchover to be taken upfront
- ROI already charged in the account shall be replaced with the prevailing ROI as on date.
- The original sanctioned loan amount shall be referred to while fixing prevailing ROI
- The benefit of the ROI would be given from the date of switch over for future period.
- The switching facility to be offered to standard accounts as on date
- The switching facility to be offered at the ROI vide HL cir. No.21 dt.12.08.13 and not on the rate of interest applicable for Summer Special Scheme for Housing Loan.
*For present Rate of Interest on Housing Loan- Please Click Here