Hi
I am Muneeswaraiah working in wipro for last 1.5 years. I took home loan from ICICI bank in Jan. That time my interest rate was 10.5 p.a. Due to the increase in home loan interest rates by RBI my interest rate got increased to 12% p.a.
Recently I got to know that ICIC bank is giving home loans at 11% a.p. Some of my colleagues also took the loan at 11% p.a.
I went and asked the ICICI people the same thing.why my home loan is at 12% and why for the others is 11%. They shoed me the bellow calculations
PLR(%): 12.75
Variance: -1.50
ROI(%): 11.25
They told me that when I took the loan that time the variance is 1.5 % offered for wipro. Now they are offering at 2.5%. So, those who are taking loan they will be getting at 11%.
And also they told me that if I want to change the variance to 2.5% I need to pay around Rs. 40, 000
I am not understanding why I need to pay for it.
now they are showing the following calculation for my interest rate
PLR(%): 13.5
Variance: -1.50
ROI(%): 12.00
Is this calculation is legal.
What ever I am paying is not a money?
Why the interest rate is high and why I need to pay for switching the interest rate?
Please help me in this regard.
Thank you
-Muneeswaraiah Perisetla
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