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If you are ok with going to the LICHFL office every time rates change, then it’s ok to get an internal transfer within LICHFL to a lower rate.
But if you are willing to put in a little time and effort, then you transferring your loan is the best option for you.
The only suggestion I have at this point is: Do your research!
If you have been regular with your payments, there’s a good chance that LICHFL will reduce your Rate of Interest for a processing fee of approximately Rs. Transferring your loan internally is quicker and easier than transferring your loan to another lender.
Your EMI reduces and your costs go down immediately.
The easy loan approval is why LICHFL is a strong name in housing finance. LICHFL customers enjoy these benefits but they also have to face a lot of issues like: For new customers, LICHFL charges a reasonable 9.80% rate of interest on home loans.
This rate remains constant for a certain period called fixed-rate period.
If a customer is unprepared for this transition from fixed-rate to floating-rate, he might struggle to manage his other expenses like utilities bills and children’s fees as a large chunk of the salary goes into paying the EMI.
In other cases, LICHFL doesn’t increase the EMI after increasing the interest rate; it increase the loan tenure. When I spoke to some of LICHFL’s customers about their experiences with the customer service, one person told me, “LICHFL employees are very quick and helpful when you apply for a home loan.
The processing cost for an internal transfer is also lower than that of a loan transfer.
Since you are in the floating-rate period, it is quite likely that LICHFL will once again increase your rate and ask you to pay an additional Rs. An internal transfer does not solve the customer service problems or give you the most savings.
If a high Rate of Interest is why you want to transfer your loan, I would recommend that you have a chat with the Relationship Manager at your home branch.