SBI offering 9.4 for Home loan.Should I accept?

[starfirefreefilly]

@aamyggirl Construction

 

[imjapun]

@starfirefreefilly SBI offering 9.4% for 30 year loan sounds far fetched, even for a person with no credit history.

Private banks are giving 8.75% on home loans.

 

[talk]

@starfirefreefilly I got home loan @9% from Canara bank in June'23. (15L for 10 yrs) HDFC was offering same ROI too. Like you I had no credit history. You can try asking other banks too, they have a ROI range either available online or via bank ppl

I don't think ROI is negotiable.

How did your paperwork went to 60k?

 

[starfirefreefilly]

@talk Mostly for permit.Rest for bank lawyer,valuation etc...

 

[marthaschramm]

@talk HDFC will add many many other things.Always go for PSU banks for loans

 

[talk]

@marthaschramm Is this for me or OP?

Coz I wrote I went with Canara

 

[jrfhopps]

@starfirefreefilly don't accept

 

[starfirefreefilly]

@jrfhopps

 

[jowi]

@starfirefreefilly LIC offered me 7.45% that too not long ago. 9.4 seems high, I have an OD at 9.2% from HDFC. 60k for paperwork is too damn high!

 

[cath]

@jowi Recheck your od. They have raised mine too 10

 

[jowi]

@cath Na, 9.2. Repo rate is 6.5 and the spread of 2.7%

 

[essesai]

@starfirefreefilly Would recommend go for HDFC for 3540 you would have a sanction letter basis on your credit eligibility, you would get ROI in range of 8.4-8.7 considering you have a decent cibil score, a score above 750 will get you 8.4% in HDFC. As regarding the other document charges would go max of Rs5000 as in your legal fee if required.

 

[boyboy999]

@starfirefreefilly For cibil score -1 or no credit history you won't get low interest rates. You'll get the similar interest rates everywhere with deviations of 0.2 or 0.3 Max. Better avail a credit card or gold loan use it and apply for home loan after you get a cibil score of more than 800 maybe after 6 months

 

[ndtoy]

@starfirefreefilly If it's floating then okay. It will go down later.

 

[achu25]

@starfirefreefilly Bhai HDFC Wale 8.45 may dege

 

[biblicalastronomy]

@starfirefreefilly Bro tell them you want the RBI repo rate on the loan. The current rate is 6.50% + whatever additional the bank charges. My loan is around 8.70% right now with kotak. I'm not too well versed about this, so do a bit more research before approaching them.

 

[iwearwhite]

@starfirefreefilly We need those COVID rate back. That was way too low. But currently RBI has increased repo rate. I doubt there will be a reduction in near future. They may even consider increasing it. But 9.4 is way too high