As per the latest news, I think you can switch your housing loans to any banks and the banks cannot charge foreclosure amount for floating home rates. I am having a housing loan and am planning to switch it if they are not going to reduce the interest rates. I am not sure about this but if everyone plans to take these actions probably the bank may considering reviewing the interest rates. In the last 4 years I have paid approx amount of 11.5 Lac of which only 45K has gone towards the principal :(. Right now i have paid approx 17K to get my interest rate down from 14.25 to 11.50. And after RBI announced the recent drop in repo rates they have not yet reduced my home loan interest rates. Though they had promised that after the rate repricing which i got by paying 17K, if RBI ever announced the reduction in repo rate that will be immediately applicable to my housing loan interest rate. Its almost a month now and they are not even updating me even though i send them emails every week.
I am trying to switch my housing loan to SBI which is offering me housing loan at 10.5%. So I am planning to switch over to SBI. I dont think it would be easy for me to switch the loans easily, but if not then i am going to even write to Bank ombudsman
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