This conversion fee can go up to 1 percent of the outstanding principal amount," Choudhary said "Although you must know that HFCs currently do not come under the purview of MCLR regime, you can exercise the option to bring the interest rate to current lending rates (if lower) by transferring your home loan from HFC to bank by paying a conversion fee. The presence of pre-fixed loan reset dates helps ensure that changes in lending rate (MCLR) during the loan tenure gets transmitted to the borrower once the loan's reset date arrives, depending on the existing rate on that date. Ratan Choudhary, Head of Home Loans,, said that home loan borrowers should consider switching to MCLR regime, as it offers better transmission of the Reserve Bank of India's policy rate's benefits and a higher degree of transparency than the older regime. To reduce the interest rate on your home loan, you can opt for MCLR regime. Switch home loan to MCLR (marginal cost of funds-based lending rate) regime P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletterġ.
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