Since last 3 years, I am home loan borrower for SBI. New customers are borrowing home loan at a lesser rate compared to what I am paying. Is there any way, through which I can get my rate of interest (ROI) reduced?
Contact your loan serving branch and give a request to convert your loan to a lesser rate. ROI is charged as base rate plus spread (say, base rate + 3%). By paying conversion fee @0.56% on your outstanding drawing amount, you will be able to bring a reduction in spread, the effect of which will be reduced ROI.