Sairam

Hi All,
I am an NRI and pretty novice to this Real Estate Forums and was wondering to buy a plot and construct a home in my native place .I am looking out for Home Loans ,I would greatly appreicate if some one would guide which bank would be a better option,and which interest type fixed or floating .Recently contacted ICICI
Fixed 11 % ,15 years Tenure and 1.1212 % admin fees
Flaot 9.25 % 15 years Tenure and 1.1212 % admin fees

Is this a better option or should I go for other banks like SBI ,LIC Housing ,Citibank....

Thanks for your time and consideration .


Thanks
Sairam

mishthi

Hi Sairam,

As far as home loan type is concerned, i think you must go for fixed rate of interest instead of going for floating home loan rate. this is because of the recent hikes by all the home loan banks and its upwards trend.

For bank, ICICI is a good option but you must get the clear and detailed information about home loan policies for nri offered by major Indian banks and then compare them.

For initial information, you may online visit the bank's websites.

Pinnacle

Before you go in for any kind of home loan, read the fine prints of the HFC's
Most of the HFC peg their Fixed Home Loan Interest Rate to their Prime Lending Rate and have provisons of changing the Interest Rate of the fixed home loan if the PLR variates beyond a defined range.

SO be aware that your fixed rate home loan may not be so fixed after all

And in this regime of increasing interest rates, ,many HFC's have stopped giving new Fixed Home Loan rates across the counter and will not encourage prospective customers to opt for such loans

Ram

mandip1

I think you should go for hdfc home loan as they provide you the better rates regarding your housing finance.