I have found that banks are not forthcoming in classifying the fixed loan, as semi-fixed or fixed loan.
I had opted for a fixed rate loan 2 years back and had narrowed down with one of the leading Indian private bank. However, when I read the Home Loan agreement, I hit upon the clause which vaguely stated that the fixed rate loan can be changed at the bank discretion under certain cicumstances. I contacted the bank official to specifically mention those circumstancesand they did not mention anything. Worse of all, the bank representative never told me that their fixed rate was in fact semi-fixed.
The message is that if you are taking home loan be sure to read all the clauses of the agreement carefully. I am happy that I did that, as I switch to another bank, that was offering "true" fixed rate.
Re: Banks do not reveal whether it is Semi-Fixed or Fixed Loan
by Prakash Mahajan on Jun 10, 2009 04:32 PM Permalink
which bank offered you the true fixed rate?
