Just 3 months back i was desperately looking for a loan, after enquiring with all the banks i found HDFC is a better option. I took 26 lac @ 7.5%, its fixed. I got first disbursement of 10 lac at the same interest rate as they promised. Recently, ie in July i got 2nd disbursement of 1 lac and suddenly i got intimation letter from the bank saying that i need to pay the EMI for the month of July with 8.4% rate of interest..Really, it was a big shock. When i asked bank manager they told, they enquire it and get back to me but still nothing is happened. I already paid on e installment of pre EMI with 8.4%. It would be great help if someone suggest what is to be done...
repayment
by sumit on Dec 08, 2005 03:36 PM Permalink
well.. your rite. you can alwaays shift from fix to float if rates go down. but you must take into consideration the repayment charges. some banks may charge as high as 3-4% of remaining priciple amount as repayment charges & other administrative charges that your new bank may charge. all that forms a part of loan cost in totality.
