How Rahul Saved 12.9 Lakh Rupees by Switching his Home Loan: A Customer Story

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In the home loan market, even today we come across home owners who are not aware that they can switch their existing home loans and save as much as 10 – 30% of their home loan amount. So we feel a great satisfaction and pride with every customer we help save. It is one more step for us towards making the home loan market customer friendly.

Here we are sharing the story of one of our happy customers – Mr & Mrs Prajapati

Earlier this year in March 2015, Rahul Prajapati contacted us to evaluate switching his home loan. He had a loan from ICICI bank with the interest rate of 11.5%. Since most bank interest rates at the time were much lower, clearly a switch would be beneficial. After a fair bit of research we found a particular loan with SBI to be the best choice.

However we soon found out that switching to this loan of choice wasn't going to be the usual smooth process. Here is why.

As our Home Loan Advisor, Abhishek Soni started the loan switching process, he realized that there was a problem. Rahul was the fourth owner of the property, and the previous owners hadn't registered the property at all. Hence, SBI was reluctant to give a takeover home loan. As it turns out, in Rahul's case, an age-old adage stood true: Where there is a will, there is a way.

Despite SBI’s numerous objections, our HLA persisted to help Rahul get the loan of choice. However, even after numerous calls & follow ups with SBI, the switch seemed impossible. Suddenly, out of the blue, Rahul got a call that his home loan had been approved! SBI had re-examined the case and decided that Rahul was, in fact, eligible for switching his loan to their bank. It was time for the Prajapatis to celebrate! The new interest rate on the SBI loan was 9.55%. This small drop in the interest rate amount led to a substantial saving – a whopping 12,94,650 Rupees.

And this was one more customer case that we closed on a positive note. It was a pleasure for us to process Rahul's case and help him get the best home loan possible.