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Which is the Best Bank for 10 Year Home Loan in Chennai?

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Which is the Best Bank for 10 Year Home Loan in Chennai?

Last updated: November 17 2009
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  • Which is the Best Bank for 10 Year Home Loan in Chennai?

    I have inquired and PSUs are better and offer good deals
    Between the rest BOB and Pnb seem to be good because

    SBI - Delay in processing, Indian bank - Higher interest after 20 lacs and no festival offer now, Canara bank - Higher rates after 5 years and 0.25% more interestfor second home

    Between BOB and PNB, PNB is offering 8.5% for 3 years and in short term upto 3 years, intersts are likely to go up. Hence this looks a better deal than BOB whose interest rates are not fixed even for a couple of years. BOB interest is likely to increase as RBI directives indicate

    I have two concerns with PNB

    1. I know sometime back they were charging upto 1% more interest rate for secod homes, not sure if they can re-introduce such rates again
    2. They offer BPLR - 2%, but their current BPLR is 11%. BOB offers BPLR - 3.25% and their current BPLR is 12%. So if both BPLRs are same in future , which was the case couple of years back, then after three years I may be paying about 1.25% more interest rate with PNB.

    Anybody has any experience with PNB. I feel they will not overcharge their existing customers as they have good reputation. But share your experience and also suggest if anything else like LIC is better

    Also please share any information you may have about daily rest and monthly rest for EMI. EMI chart for both are same, but BOB says daily rest (ought to be cheaper), whereas PNB is monthly rest
  • #2

    #2

    Re : Which is the Best Bank for 10 Year Home Loan in Chennai?

    SBI loan

    Originally posted by itssundarji View Post
    I have inquired and PSUs are better and offer good deals
    Between the rest BOB and Pnb seem to be good because

    SBI - Delay in processing, Indian bank - Higher interest after 20 lacs and no festival offer now, Canara bank - Higher rates after 5 years and 0.25% more interestfor second home

    Between BOB and PNB, PNB is offering 8.5% for 3 years and in short term upto 3 years, intersts are likely to go up. Hence this looks a better deal than BOB whose interest rates are not fixed even for a couple of years. BOB interest is likely to increase as RBI directives indicate

    I have two concerns with PNB

    1. I know sometime back they were charging upto 1% more interest rate for secod homes, not sure if they can re-introduce such rates again
    2. They offer BPLR - 2%, but their current BPLR is 11%. BOB offers BPLR - 3.25% and their current BPLR is 12%. So if both BPLRs are same in future , which was the case couple of years back, then after three years I may be paying about 1.25% more interest rate with PNB.

    Anybody has any experience with PNB. I feel they will not overcharge their existing customers as they have good reputation. But share your experience and also suggest if anything else like LIC is better

    Also please share any information you may have about daily rest and monthly rest for EMI. EMI chart for both are same, but BOB says daily rest (ought to be cheaper), whereas PNB is monthly rest
    SBI is offering 8% for the first year and 8.5% for second and third years. After that the borrower can choose flat or fixed interest rate at that time. In my view this is the best option. Negative aspects are: they will sanction a lesser amount of loan when compared with other banks; delay in processing; complicated procedures...

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