FluffyNugget

Home loan people, what is conversion enquiry?

Conversion fee 5,900₹ charge for converting from current 9.15% interest rate to 8.6%. “We offer you the option to reduce the rate of interest on your loan by opting for a revised spread in respect to your loan.” Should this be done or it’s not beneficial?

28mo ago

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SillyNugget

Amazon28mo

How are they able to reduce .65% 🥵

FluffyNugget

Plivo28mo

Dunno, that’s why I am interested to understand.

SillyNugget

Amazon28mo

Which bank?

FuzzyBiscuit

Myntra28mo

Should be done. But this needs to be done every time the repo rate gets revised because HDFC reverts to default rate instead of reduced rate. Money making scheme but the EMI difference is covers the conversion cost in a month or two