Sir, I have applied for a home loan from HDFC bank. The day when i applied for the loan, the rate of interest was 10.25% and now it has become 11%. so which rate of interest will be charged to me. The rate of interest on the day of application of the home loan or the day when i take the first disbursement of the loan ? please reply as soon as possible.
the rate of interest on the date of application will not hold good. the interest rate prevailing on the date of disbursal will be charged. one more detail for you. There are two types of interest rate Fixes & Floating. the rate you are mentioning is certainly floating rate. in fixed rate the interest rate will not be changing to you for three years. in floating rate if RBI allows and if hdfc choose to increase the rate, immediately you will be charged more from that month. also if for any reason interest rate drops you will be benefited by paying lesser interest from that month
High home loan rate issue?
I found a home to buy but becuz I have no proof of income and its hard to verify my interest rate is going to be 11.09%. The loan is for $81,500. Will the rate go down when I refi in 6 months? Or will it take a year to do so? I plan to aggressively pay down the principal. I can contribute $20k in one year being that I'm an entertainer. I really want this 4 bed 2 full bath home. My credit isn't the greatest, in fact, just below 600. Any feedback is appreciated.
The rate would probably not go down much in six months because the amount you pay on a loan is only part of the picture. They are also looking for length of employment, credit history, and other stuff too. If you tried in a year the rate would certainly go down then but again don't look for huge drops, maybe one or two percentage points. The thing to remember is the longer history you have (that's good) the more it helps you in every aspect of credit. Good Luck on you home.
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