The Effect of Demonitisation on Home loan market
Demonitisation has left many people complaining a lot about everything. But, I for one am very happy as that has helped me to get an excellent offer to my client, who required a take over home loan. He came to me with a cibil score of 603 and not to mention the worst of the report with settlements, over dues and what not.
After a good one month, lot of effort and load of corrective measures, I managed to secure him a Take over and top up on his existing home loan from a different bank. Guess what the interest rate is? His rate of interest with his existing bank was 15.25% and there was no respite. The client is on cloud nine as I got him the loan at 8.8% p.a and that too fixed for 5 years. Could the deal have been any sweeter?
Lower Home Loan interest rates post demonitisation
Demonitisation drove all the cash to the banks and bank cannot pay interest on the money held in the account with out lending it out. So, the deals got much sweeter and the banks are now more flexible with their policies to lend to people with poor cibil report and score. Now, is the time for you to get out of that higher interest rate you got trapped due to your bad cibil earlier. Get better loan terms and lower rate of interest on your existing loan. You might end up paying the foreclosure charges to your existing bank. But that is more than worth as you will save a fortune on your future repayments, with the new lowered interest rate from the bank taking over.
So, if you are looking for a take over home loan and top up of your home loan. Call us to get the best deal possible and lower your rate of interest.