Don't be shy of shifting lenders if you see a significant benefit

Old customers should seek best rates, or go for balance transfer

In response to a public interest litigation (PIL) filed by Moneylife Foundation, the Supreme Court has directed the Reserve Bank of India (RBI) to respond within six weeks to representations made by the Foundation on unfair practices followed by banks in setting their floating-rate loans. Hopefully, this and similar other efforts will lead to greater transparency in the way interest rates are set on home loans. 

In the meantime, customers need to be proactive so that they are able to get the best rates in the loan market. 

The PIL has raised several issues. It says that there is opacity