AskTheExpert

1% Rebate on Home Loan

Question: I'm currently working in xxxx bank. I have a home loan of 14.50 Lacs. Now i resign my job and go to IT. Since I’m a bank staff, my loan interest is 6%  now, when I resign my loan will be considered a new home loan with normal interest accessible. Is it possible  for me to utilize 1% subsidiary when I apply for the loan, as mentioned in Budget.

                   
Answer: You will be eligible for the 1% rebate on home loans if your bank treats your current loan as a new one. However, banks offer such rebate subject to certain terms and conditions. We suggest you find out with your bank the exact loan rate applicable for you post your job change.

             

Warm Regards,

Expert @ InvestmentYogi

Published Mar 18 2011




Comments

Comments

 

sRINIVAS said:

1% Rebate on Home Loan : If the ROI is @10.25% upto 15 lakhs, will it become 9.25% after rebate and how the rebate will effect my repayment.

June 27, 2011 3:21 AM

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