- Every six months home loan borrowers should compare the interest rate on their own loan with the best rates available in the market.
- If the difference is 50 basis points or more, they should consider shifting.
- Many lenders waive the processing fee for customers who are transferring their loans from another lender.
- The most significant cost involved in transferring is the stamp duty, which in a city like Mumbai is 0.2 per cent of loan value.
- Many customers are still on home loans linked to the base rate, an older benchmark.
- Such customers would be paying a higher rate of interest. They need to shift