Loan from HDFC OR IDBI... ? - Indian Real Estate Forum

sumitgupta · 28-04-10

Hi,

I need Home loan of 8-10 Lac (approx) for tenure of 10 years
Offering of Loan are from HDFC & IDBI...

Some of details i got, is below

IDBI
* Rate of Interest – 8.75 %
(RPLR = 12.75% - 4% = 8.75%)

* No prepayment or part payment charges after 6 months.

* Processing Fees (non refundable)
Rs.10,000/- + Service tax (Rs 2500/- with application)

HDFC
* Rate of Interest – 8.75 %
(RPLR = 13.75% - 5% = 8.75%)

* Prepayment - 25% of loan outstanding in each year for the first 3 years and after 3 years any amt can be prepaid with out penalty.

* Processing Fees (non refundable)
Rs. 0.50% of Loan Amt or Rs. 10,000/- (Whichever is lower) plus service tax

Could any one please share the Drawback & Benefits of both of them.

Need comments from ppls having Home Loan & knowledge of RPLR of either bank.

Could anyone also share the past years RPLR / FRR information also.

Thanks
Sumit

achopraa · 01-05-10

Hi Sumit,

Here is my (so far) experience with HDFC.
Applied for loan under 8.75% scheme. Intermediately they launched dual 8.25/9% scheme and mine was automatically transferred to that scheme.
Loan sanctioned within a week after strict cross checking of the details.
The bank personals were very helpful for any information seeked.
I am quite happy with the progress so far.
And yes the processing amount got debited only after loan was sanctioned.

Thanks,
Amit

ridsvision · 07-05-10

Quote:

Originally Posted by sumitgupta

Hi,

HDFC
* Rate of Interest – 8.75 %
(RPLR = 13.75% - 5% = 8.75%)

RPLR is Retail prime lending rates, why is it deducted by 5%... sorry for my lack of knowledge in this area.

dipeshiem123 · 20-05-10

hI I HAVE TAKEN FLAT IN NOIDA OF TOTAL COST 27.47 LAKH IN CONSTRUCTION LINK PLAN. 23 LAKH IS SANCTIONED TO ME. I HAVE PAID 4.20 LAKH TO BUILDER. SO BEFORE DISBURSEMENT M I NEEDED TO GIVE REMAINING MY CONTRIBUTION ????
Dipesh Garg

singkum · 22-05-10

Quote:

Originally Posted by dipeshiem123

hI I HAVE TAKEN FLAT IN NOIDA OF TOTAL COST 27.47 LAKH IN CONSTRUCTION LINK PLAN. 23 LAKH IS SANCTIONED TO ME. I HAVE PAID 4.20 LAKH TO BUILDER. SO BEFORE DISBURSEMENT M I NEEDED TO GIVE REMAINING MY CONTRIBUTION ????
Dipesh Garg

yes you need to pay 15% of the property price before the bank starts disbursing the loan. I also took loan from HDFC and my exp has been very good as well.

amit chandra · 26-05-10

Hi guys,
I was speaking to this IDBI guy, who told me that during recent recession phase, when interests were having a free run, the highest rate charged by IDBI was 10.75%, whereas HDFC was charging around 14+%. If that is true, then IDBI can be a better option since they are unlikely to increase the rates as readily as, say HDFC or other finance institutions.
Can anyone please comment on truthfulness of IDBI guy's statement and my assessment.
Thanks.

28-04-10	#1
sumitgupta New Member Join Date: Apr 2010 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	Loan from HDFC OR IDBI... ? Hi, I need Home loan of 8-10 Lac (approx) for tenure of 10 years Offering of Loan are from HDFC & IDBI... Some of details i got, is below IDBI * Rate of Interest – 8.75 % (RPLR = 12.75% - 4% = 8.75%) * No prepayment or part payment charges after 6 months. * Processing Fees (non refundable) Rs.10,000/- + Service tax (Rs 2500/- with application) HDFC * Rate of Interest – 8.75 % (RPLR = 13.75% - 5% = 8.75%) * Prepayment - 25% of loan outstanding in each year for the first 3 years and after 3 years any amt can be prepaid with out penalty. * Processing Fees (non refundable) Rs. 0.50% of Loan Amt or Rs. 10,000/- (Whichever is lower) plus service tax Could any one please share the Drawback & Benefits of both of them. Need comments from ppls having Home Loan & knowledge of RPLR of either bank. Could anyone also share the past years RPLR / FRR information also. Thanks Sumit

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01-05-10	#2
achopraa Member Join Date: Apr 2010 Posts: 64 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Hi Sumit, Here is my (so far) experience with HDFC. Applied for loan under 8.75% scheme. Intermediately they launched dual 8.25/9% scheme and mine was automatically transferred to that scheme. Loan sanctioned within a week after strict cross checking of the details. The bank personals were very helpful for any information seeked. I am quite happy with the progress so far. And yes the processing amount got debited only after loan was sanctioned. Thanks, Amit

20-05-10	#4
dipeshiem123 New Member Join Date: Apr 2010 Posts: 4 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	hI I HAVE TAKEN FLAT IN NOIDA OF TOTAL COST 27.47 LAKH IN CONSTRUCTION LINK PLAN. 23 LAKH IS SANCTIONED TO ME. I HAVE PAID 4.20 LAKH TO BUILDER. SO BEFORE DISBURSEMENT M I NEEDED TO GIVE REMAINING MY CONTRIBUTION ???? Dipesh Garg

26-05-10	#6
amit chandra New Member Join Date: Aug 2009 Posts: 28 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Hi guys, I was speaking to this IDBI guy, who told me that during recent recession phase, when interests were having a free run, the highest rate charged by IDBI was 10.75%, whereas HDFC was charging around 14+%. If that is true, then IDBI can be a better option since they are unlikely to increase the rates as readily as, say HDFC or other finance institutions. Can anyone please comment on truthfulness of IDBI guy's statement and my assessment. Thanks.