I have just got my home loan sanctioned from HDFC. The overall process was smooth like butter but while reading the sanction letter I couldn't find how is the interest calculated in floating interest rate scheme.
SPECIAL CONDITIONS: 1) As per your request, this offer is being made to you under HDFC's ADJUSTABLE RATE HOME LOAN scheme.
2) The rate of interest mentioned above is based on the currently prevailing RPLR and the same may vary at the time of disbursement of the loan as well as during its pendency in terms of the said Loan Agreement.
It is nowhere mentioned what is the X figure that they subtract fro m the RPLR i.e RPLR - X = ROI.
I know axis bank specifies the X figure when they link it to BPLR i.e BPLR + X = ROI.
Can any hdfc customer guide me whats happening here.