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  • This month, all banks moved to a new lending rate regime—the marginal cost of funds-based lending rate (MCLR).

  • Till March-end, new floating rate loans were linked to base rate.

  • The new rate regime is likely to improve transmission of rates to the end consumers. If you check the current interest rates,

  • MCLR-linked home loans are at least 10 basis points (bps) cheaper than base rate-linked home loans.


  • How does such a loan function? If you are a new borrower who has taken a floating Housing Loan Interest Rates home loan, then it will be linked to MCLR.

  • This means two things: one, you will have a reset clause in the loan documents, and two, you will have a spread.

  • How can an existing borrower move to MCLR? Currently, these loans are cheaper than base rate-linked loans.


  • Can one negotiate with the bank on any of the charges? You can negotiate the switching charges and other administrative costs. “

  • Though the bank has a list of charges, most of these can be negotiated.

  • [Source: http://www.livemint.com/Money/Xizd6EP6QOnFTl7jtxbQSO/10-things-to-know-about-the-new-loan-rate.html]


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Click to know more on can negotiate the switching charges and other administrative costs. “Housing Loan Interest Rates:

https://www.hdfc.com/home-loans-salaried

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