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Hemant Bokil | Answer |Ask -Follow

Financial Planner - Answered on Jan 27, 2023

Hemant Bokil is the founder of Sanay Investments. He has over 15 years of experience in the field of mutual funds and insurance.Besides working as a financial planner, he also hosts workshops to create financial awareness. He holds an MCom from Mumbai University.... more

Question by Harish on Jan 25, 2023Hindi

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Do you expect home loan rates to go down in the near future? Or do we expect more hikes this year? Thanks

Ans: Hi Harish, considering inflation around, Repo rates will be on a upward move for a while and then may remain at the sane level. But rate cut is not seen in near future. This is my belief. So home loan rates too will bahave exactly like Repo rate.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have couple of questions regarding home loan. I took home loan at 9.6 per cent fixed interest for five years from LIC Housing Finance. Is it possible to convert it to the current interest rate which is less? It's around 3 years completed now. If we make a prepayment amount like Rs 10 lakh, will we get an option to reduce the EMI?

Ans: There will be no pre-payment charge on the partial pre-payment of Rs 10 lakh being made to LIC Housing Finance as it is not being made by transferring the loan to another lender. Yes, you can request LIC Housing Finance to change the fixed rate to the current floating rate but there can be some charges for such conversion.

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Will I get any home loan benefit from the new tax regime? A.Kalita, Guwahati

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Question by Nitin - Jun 29, 2024Hindi

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Do you think in future about 4-5 years from now real estate market will be down or maybe at same level and then I can consider to buy that time?

Ans: It's challenging to predict the real estate market with certainty. However, market trends suggest it may remain stable or see moderate growth over the next 4-5 years. Factors like economic conditions, interest rates, and government policies will play a crucial role. If you're considering buying property, keep an eye on these trends and be prepared to act when the market conditions align with your goals. Consulting with a Certified Financial Planner can help you make an informed decision based on your financial situation and long-term objectives.

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Asked by Anonymous - Feb 16, 2025Hindi

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Dear sir, I have Home loan with Tata capital. As per recent rate cut by RBI I have requested to reduce my Home loan interest rate. However got a reply saying - interest rate on your loan is linked to TCHFL Prime Lending Rate (PLR), as specified in your loan agreement and sanction letter. Our lending rates are primarily influenced by our cost of borrowing which is related to lending rates of Banks, NHB and prevailing market rates. As and when these rates change and our cost of funds see the impact we would be changing our PLR. In past they have increased whenever RBI increased Repo rates however now saying it may not impact. Kindly assist on this

Ans: Hello;

I agree with the justification offered by Tata Capital.

However by the same yardstick they shouldn't have raised home loan rates immediately after RBI rate hike.

You may talk to their senior team and try to get some relief.

Complaining to RBI should be the last resort.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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