How to switch Home Loan to a cheaper rate?
How to switch Home Loan to a cheaper rate? https://www.fundstiger.com/how-switch-home-loan/ Once your loan rate has been lowered, consider regular pre-payment. Pre-paying on your home loan during a low rate period is more impactful than pre-paying at higher rates. Pre-pay now to accelerate out of debt. If you have a home loan, you would be paying attention to the recent developments in the banking industry. The Reserve Bank of India has mandated banks to link interest rates on floating-rate loans to an external benchmark such as the repo rate. Banks, therefore, must step away from the MCLR regime where the benchmark was set by banks internally on the basis of cost of funds. The RBI took this decision because it wanted interest rate movements on retail loans to be more responsive to repo rate cuts which are being made by the central bank to stimulate growth. Now, several repo rate-linked loans have been launched, mostly by government banks. Repo-linked loans are expected to be m...