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IREF® - Indian Real Estate Forum > Real Estate Open House > Home Loans in India > If home loan becomes cheaper....?
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Old September 4 2012, 11:05 AM   #11
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Practical method:
Banks / FIs automatically reduce the tenure of the Loan after a decrease in effective ROI... If someone wants to reduce the EMI instead of Tenure, he needs to contact the Bank / FI and place a request for the same. However, letting the Tenure reduced is the suggested way of going about it.

 
Old September 4 2012, 11:07 AM   #12
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Quote:
Originally Posted by CA Rajeev View Post
Practical method:
Banks / FIs automatically reduce the tenure of the Loan after a decrease in effective ROI... If someone wants to reduce the EMI instead of Tenure, he needs to contact the Bank / FI and place a request for the same. However, letting the Tenure reduced is the suggested way of going about it.

Are you sure banks reduce the te3nure? Someone told me that even they are crooks and need to be approached for reduction of tenure too?
 
Old September 4 2012, 11:20 AM   #13
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Originally Posted by SaandBull View Post
Are you sure banks reduce the te3nure? Someone told me that even they are crooks and need to be approached for reduction of tenure too?
There is a difference....
As i mentioned in my post "after a decrease in effective ROI"... Not all reductions in ROI are passed on to the existing customers. But if the ROI of existing customers is decreased, the method is followed as informed...
Alternatively, if there is no reduction in ROI for existing customers but the lower rate is offered to new customers, the existing customers can go to the Bank / FI to get the Loan shifted under the new product / scheme by paying some switching charges...
Hope it clarifies...
 
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