vbrege

Hi,

Has anyone taken home loan with IDBI? They are offering almost all the advantage that SBI has (not the exact schemes). Their service seems to be much better than SBI and they are ready for full disbursement even if the property is not completely ready yet.

If anyone has any experience of dealing with them or any other banks(especially PSU) in particular for Pune property, please let me know your experiences, either good or bad.

akssenti

Hi Friends

I took a loan from LIC housing and found them to be very efficient.

Thanks
Akshay

mukesh_pednekar

Few years back I had my home loan with IDBI. They are not the best when it comes to service. They don't have a proper call centre / customer service centre. Every time you call them and a new person picks up, you have to explain the whole story. I had few issues closing my loan but ultimately got hold of one person and chased him mad for it and Things were sorted out. Also, it claims to be centralized but if you try to talk to any other branch / city for your Pune loan they just don’t have any idea about it.
Having said this, they provide one of the best rates at the cost of some leg-wrok

mahesh pune

One need to look at following points while selecting bank.
1) Rate of interest. (PSU has low rates)
2) Processing or initial charges.
3) Service ( Private bank has effcient service)
4) WHich bank has approve that project. (Easy processing & 100% loan)
5) Prepay conditions (Should not have any charges)
For floating loans from my friends & I have good experience with HDFC , LIC. Aviod ICICI Bank.

akssenti

I would suggest avoid all private banks. They hike rates indiscriminately and take advantage of customers in need. LIC gave me a loan in flat six days after i submitted documentation.

Also SBI is great but takes about 2 months to disburse loans. Now builders can wait for payment because of the slowdown. Take advantage of that and apply for goverment banks.

Sansei

Chkd with OBC giving 80% loan .

Margin money must be higher for other banks also?

vbrege

Thanks for the information Mukesh and Akshay

Akshay,
What are the schemes/rates LIC is offering? How is the service?

akssenti

LIC is giving 8.75% rate of intrest for the first quater of the loan and then will adjust on market rate. Considering current situation should not go more than 9.5%. Once you give them complete documentation 3 days for loan approval and 3 more for loan disbursement. Give upto 85% of total cost of flat.

Charge is around Rs 7200 including taxes for processing and verification.

They said that during peak of interset rates when banks were charing 13.5% (ICICI & HDFC) LIC was charging 11.5 %. Also there is an assurance of the govt hand in LIC so they will follow all intrest reduction requests of goverment.

Only negative side is once loan is disbursed they take time to enable the auto deduction from bank so you have to give cheques for a couple of months.