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Old December 27 2011, 12:09 PM   #1
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Default LIC Vs Axis Bank and PLR vs Base rate

Hi !!
I have taken a flat in Today Homes, Noida. This project is approved by LICHF, AXIS, IDBI etc. I already have a approval from LICHF and have following doubts please suggest.
- Which Bank should i opt for Home Loan and why?
- LIC offers home loan on PLR basis, means PLR of 14.40 and discount of 3.60 so the interest rate would be 10.80 Floating Rate. My concern is as LICHF is govern by National Housing Bank and interest rates gets calculated by BPLR so i suspect when interest rate would come down they would also reduce the rate.
- Or should i go with axis bank which offers rate on base rate 10 and offers interest rate of 10.75 floating.
- does any one have an idea whether LICHF reduces their interest rate when it interest rate comes down.

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Old December 29 2011, 12:20 AM   #2
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Go for Axis Bank. But be prepared for loads of documentation & slow processing. Axis bank & LIC are both too slow, though Axis is better in terms of service.
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