Legal Question in Investment Law in India

Home Loan Confusion

Hello Sir,

I took homeloan for 6,00,000 in

2006 with the floating interest rate

of 8.00 in HDFC chennai bank. Now

the interest for me is 11.25. But I

read many places that the

homeloan interest is reduced very

much. I dont know wether they are

putting me high interest rates. how

to approach them to reduce my

interest rates. Please advice me. or

shall I change the loan from HDFC

to some other bank. is that

possible?

Thank you so much.


Asked on 3/23/09, 5:09 pm

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Home Loan Confusion

The HDFC keep varying the rates in a "floating interest rate" loan. However, you may contact another lender who may be willing to 'take over' your loan for a lesser rate of interest. You should be careful to read your contract with HDFC about the 'pre payment penalty', if any.

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Answered on 3/23/09, 6:03 pm


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