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How can existing borrowers lower their interest rates

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I am sure all of you must have gotten phone calls on reducing interest rates. However, all these reduction in interest rates happen only for new borrowers but not for old borrowers. Those of you who have taken home loans before April 2016 would be paying higher interest rates than the users who are registering now. If you are paying a higher interest rate, you may be doing so because you might still be paying based on base rate interest rates and not MCLR. We have explained the difference between both interest rates in the article 'Paying higher interest rate than your friends? Change to MCLR and cut your losses'.

How does Marginal Cost of Lending Rates (MCLR) Work?

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We had earlier discussed on the different types of loans. Today, we will discuss on Marginal Cost of Lending Rates (MCLR). As mentioned earlier, Marginal cost of lending rate is calculated based on a predefined MCLR. For e.g. the one year MCLR set by ICICI is 8.20%. ICICI will republish this MCLR detail on a monthly basis. However, for a one year MCLR, the loan basis will be reset at the end of year.

Paying higher interest rate than your friends? Change to MCLR and cut your losses

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I am sure that many of you would have noticed the fact that you were often paying higher interest rate than some of your other colleagues/friends. Ever wondered why? One of the common things to notice in such scenarios is that you not only pay differemt rates at varying banks but also at the same bank.

What is ROR (Record of Rights) and how can one obtain it?

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Right of Records (RoR) contains details regarding ownership of the property. It is an important document pertaining to agricultural lands. It contains details like Survey number, village, district, mandal, khata number, extent of property, owner details, etc.

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