The entire cost of your home can be greatly impacted by the interest rate on your loan. Even a minor change in the interest rate can have a significant impact on your finances, especially over the long term. It is due to the higher value and longer term of home loans. And if you want to know does LIC HFL interest rate change for existing customers, keep reading.
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Does the interest rate change for existing customers in LIC?
The interest rate for previous or current clients at LIC Housing Finance Ltd. is revised every six months. It is according to the terms and criteria that were agreed upon at the time of the loan agreement.
Does the SBI home loan interest rate change for existing customers?
Existing customers may qualify for a house loan at a cheaper interest rate based on other elements including their income, credit history, and banking relationships, among others.
Top-up loans are made available to current clients, helping with the supply of additional funds for the property for any purpose, including purchase, building, repair, or remodelling. This tells you does home loan interest change for existing customers or not.
What is the procedure to change the MCLR on the SBI home loan to the EBR?
If you want to change the base rate or MCLR on your SBI home loan to the EBR, you must visit your bank. Then submit an application in a certain format, and pay a one-time service fee of Rs 5,000 + GST.
For example, your base rate-linked home loan has an Rs. 10 lakh balance and a 20-year remaining term. You are currently paying 8.20% interest. You can lower your home loan rate to 7.20% if you convert to an EBR loan. Over the course of the 20-year term, this 1% reduction in interest will save Rs 1,48,080.
You are now aware of the LIC HFL interest rate change for existing customers.
Read More: How to change SBI home loan interest rate? How to reduce HDFC home loan interest rate? How to reduce home loan interest from LICHFL? What is the lowest home loan interest rate in India?Your Feedback Matters! How was this Answer?
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Does home loan interest change for existing customers?
Sandhya
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2023-02-24T11:22:40+00:00 2023-03-02T12:14:17+00:00Comment
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