home loan rate
Is switching Home Loan to lower Interest rate bank is a wise decision?
Am having HDFC Home Loan for last 2 years. Currently there are many banks offering lower interest rate than my existing interest rate. is swithing to them is a good option. if no then why? if yes then why? and how to do it and which bank is a better option in india? can i switch to new offers from HDFC itself with lower interest rates?
If you got a home loan in the US 2 years ago, the interest rate wouldn’t be much higher than today. It’s generally not free to refinance. To get a lower rate, you will pay points. And even if you don’t, there will be various fees such as appraisal and title insurance. This will be true even if you refinance with the same lender. And lastly don’t go for a variable rate loan. It may look like a low rate now, but who knows how high it would go in the future? I know, you’re in India, but perhaps these considerations would still be valid for you.
Home loans to be expensive