Roadshow to promote home loan / refinancing
Our team did a roadshow in a municipal compound to promote home loan / refinancing facility.
Today I meet few gentlemen who are servicing their home loan. It seems like many don't remember their existing loan interest rate. Those remember will probably have a low rate because they had taken the loan earlier.
Home loan interest rate was quoted in Based Lending Rate (BLR) and now in Base Rate (BR). Most are floating rate, meaning the rate may go up or down. In individual budgeting, I think most people will not like to receive letter from bank telling them to increase their monthly repayment amount because the loan rate has just gone up.
It is likely rate will go North, if government thinks necessary to combat inflation. With GST coming, people are feeling the heat of inflation.
What we are promoting is fixed rate home loan. The rate is fixed during the whole tenure. It is suitable for those who do not want their budget to be affected. Besides, certain people may like to refinance to get extra cash on hand. After all, loan rate for home loan is far lower than personal loan.
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