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Discussion on financial matters, loans, tax, and insurance related to property/apartments/flats/plots in Faridabad, Greater Faridabad, NCR.

HDFC Home Loan customers..need advice on conversion fees

Postby webmaster » Wed Jan 12, 2011 2:12 pm

My current home loan is from HDFC Ltd. and the ROI has increased to 11.25% from 1st Jan 2011.

I spoke with the HDFC official from the Faridabad branch about the ROI and he informed me that my spread is 3.75% and the current Retail Prime Lending Rate (RPLR) is 15% for HDFC…so effectively my ROI is 11.25% (RPLR 15% - Spread 3.75% = 11.25%)

Now he advised me that I can increase my spread (discount) to about 5% (max) which will bring down my ROI to about 10%, however there is a ‘conversion fee’ of about Rs.19500 which is a one time payment and my discount will remain constant for the entire loan tenure.

At first, these terms sounded very technical and I was not able to completely understand the mumbo jumbo, however after reading up on the internet it clarified a lot of things.

Now even though this proposition sounds like a win-win situation for me as I will save interest, wanted to know from other members if they have any experience on this issue and can throw some more light.
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Re: HDFC Home Loan customers….need advice

Postby ankuragarwal1982 » Wed Jan 12, 2011 2:55 pm

Yes, I got it done 6 months back by paying 0.5% of the disbursed loan. It brought down my rate by 1%.
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Re: HDFC Home Loan customers….need advice

Postby ddamitav » Wed Jan 12, 2011 5:01 pm

even i paid 0.75% as conversion fee for reducing the interest rate from 11% ti 9% and again they increased it to 10.5% after 2 months, so at the end I have been cheated by the bank.
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Re: HDFC Home Loan customers….need advice

Postby ankuragarwal1982 » Wed Jan 12, 2011 5:17 pm

yes, it has increased again but as the bank said...the extended spread has been maintained.
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Re: HDFC Home Loan customers….need advice on conversion fees

Postby webmaster » Fri Aug 05, 2011 6:01 pm

Just to update everyone, I had to pay a conversion fees of Rs.22000 to increase my spread (discount) to 5%
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Re: HDFC Home Loan customers….need advice on conversion fees

Postby hellong » Mon Aug 08, 2011 9:35 am

Hi Jayanta,

I also paid 40000 rs to increase my discount 4-5 months back. It is really siad to arrange that sum of money without aving anything in our hand. What is your current Rate of interest ?
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Re: HDFC Home Loan customers….need advice on conversion fees

Postby webmaster » Mon Aug 08, 2011 3:05 pm

The current ROI is 10.75%

You can check the trend here..

banks-increase-home-loan-rates-again-t766.html
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