Comparing a 6.77% fixed mortgage quote in Mumbai

[kit_reese]

₹86,420,000 is roughly the Mumbai purchase price, and the lender’s loan-to-value band seems to affect the deal more than the headline advertisement suggested. The actual quote is 6.77% fixed for 15 years once the relevant tier and upfront charges are applied.

What is the most useful way to compare this with other offers: cash paid during the years I expect to keep the mortgage, the lender’s APR-style figure, or interest across the full fixed term? I also want to test the payment after a possible rate reset and understand whether the loan can move with me, what overpayments are allowed, and what it would cost to exit early.

 

[HandyView]

I’d compare total cash outflow over the period you realistically expect to keep that loan, with the fees included. APR is useful for an initial screen, but it can hide the importance of timing if your likely holding period is shorter than 15 years. What loan-to-value are you being placed in, and is 15 years the full mortgage term or only the fixed-rate period? Those details could change the answer substantially.

 

[teaAndPath]

I’d be cautious about using only the expected holding period. That can make a cheaper future refinance do too much work in the calculation. Run at least two cases: keeping this quote for all 15 years, and refinancing or selling earlier with any repayment charges included.

Ask each lender for the same loan amount, payment schedule and itemised upfront fees, then compare them side by side. Also get the portability and early-repayment wording in writing. If the mortgage continues beyond the fixed period, model the payment after a higher rate reset as an affordability test.