Deal All,

Can you please provide your inputs for the HDFC as a home loan provider.

Pros and Cons of the company will be very helpful. Also what do you think should I going for a private company or a public company.

Thanks in advance.

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  • Personnal POV : HDFC Sales guys are non-cooperative & high headed without any reason. According to me the best & genuine is Axis Bank because of No Pre Payment Charges : This one single thing indicates the intention of the bank.
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  • Originally Posted by VickyB
    Deal All,

    Can you please provide your inputs for the HDFC as a home loan provider.

    Pros and Cons of the company will be very helpful. Also what do you think should I going for a private company or a public company.

    Thanks in advance.

    In my opinion go for a Govt Bank only.
    HDFC no doubt is one of the best, and processes the loan in as low as 1 weeks time, as compared to Govt bank which takes as high as 2 months.

    One of the biggest reason to go for a Govt Bank, is the 2008 recission. If you search on Google, during the time of end 2008 and start 2009, which was peak of recission, most of the pvt banks, raised their interest to as high as 15%, and then took more than 1 year to bring it down.
    However any Govt Bank at that time had the max interest of just 12%, that too was reduced in just 4 months time.

    Govt bank, would really test your patience in terms of releasing the funds, asking additional docs without sense, etc etc. But its worth the pain, as you would gain for next 20 years or so.
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  • Problem is that Govt bank se LOAN easily nahe milta, otherwise Govt Bank are Best (par mile too Loan).
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  • Originally Posted by saurabh2011
    Problem is that Govt bank se LOAN easily nahe milta, otherwise Govt Bank are Best (par mile too Loan).

    Sahi bola Saurabh Bhai...
    Ashiana ke deal ke time, they only had 1 Govt bank that IDBI. I approached SBI and Bank of Baroda(My Father in law is a sr. manager there).
    BOB ne to itna dawdaaya ke poocho mat.......And such irrelavant docs which they asked for, neither me nor Ashiana have ever heard about it. Finally my loan at BOB was rejected, coz I was working from home.
    Finally IDBI walon ne 2 mahine dawdaayaa, lekin finally loan de hi diya...as APC was in their approved project list.
    Moral of the story: Only try with Govt banks, is they have approved the project, else do with Pvt Bank
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  • My Problem.

    Well my problem is that I have to pay in 45 days the 30% amount out of which I will pay 5% now as per my builder no goverment bank will give the fund in such a short time. And I have to do all the efforts. For HDFC they have gud relation with the builder so i can get the loan ASAP.

    LIC i know they are very strict.

    For HDFC you can go for the pre - payment of 25% in a financial year with out any charges.

    My loan amount would be max 16 lakh and i am planning to self fund of 2-3 parts.
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  • HDFC has 2% pre-payment charges and being pvt.. their interest rate is changed very frequently as per market trend.. BUT I got my loan sanctioned in 3 days and disbursements in one day. I have taken loan for 3 years only for 12 lakh .. so no prepayment worry OR no big impact for higher interest rate change.
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  • Originally Posted by fritolay_ps
    HDFC has 2% pre-payment charges and being pvt.. their interest rate is changed very frequently as per market trend.. BUT I got my loan sanctioned in 3 days and disbursements in one day. I have taken loan for 3 years only for 12 lakh .. so no prepayment worry OR no big impact for higher interest rate change.


    2% charges are for prepayments of more than 25% of outstanding principal in tht financial year tht too in the first two years only...
    for partial prepayments less than above no charges right from the first year.
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  • Originally Posted by maxcapri
    2% charges are for prepayments of more than 25% of outstanding principal in tht financial year tht too in the first two years only...
    for partial prepayments less than above no charges right from the first year.

    Yeah thats what i heard, max can u plz explain what does it mean. what do you mean by outstanding principal in that financial year. Does it mean 25 % of whole loan which I will take (16 Lakh in my case) or the principal amount I am going to pay in that year.

    Also HDFC has 3 types of plan:-
    1. Until disbursement of whole loan I have to pay just interest.
    2. The EMI (principal + interest)of whole 16 lakh will start from day 1, weather initially I will give on 30% to builder.
    3. On EMI (principal + interest) of only disbursed amount will be payed by me.


    Which option to take and why can you please help???

    Thanks in advance.
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  • HDFC Rules.

    ADJUSTABLE RATE HOME LOAN / DUAL RATE HOME LOAN

    For prepayments made within the first 3 years from the date of first disbursements , no prepayment charges will be payable for prepayments of upto 25% of the opening balance in any given financial year. For any amounts prepaid in excess thereof , prepayment charges of upto 2.00% calculated on the excess amount being so prepaid shall be payable .

    FIXED RATE HOME LOAN

    No prepayment charge shall be payable for part prepayment of upto 25% of the opening balance of the loan in any given financial year. For any amounts prepaid in excess thereof shall bear a prepayment charge of upto 2% of the amounts being so prepaid.

    PRE CLOSURE / FULL PREPAYMENTCHARGES :
    There shall be no incidence of Prepayment charges in the event a loan is preclosed (prepaid) in full out of own sources of the borrower.
    Any prepayment from sources other than own sources (*) shall be subject to a prepayment charge of 2% of the outstanding amounts being so prepaid (such amounts shall include all amounts prepaid during the given financial year).
    You shall be required to submit copies of your Bank Statements or any other documents that HDFC deems necessary to ascertain the source of prepayment.
    (*) The following is an indicative list of sources other than own sources.
    Sources other than Borrowers' own sources would include:


      Loans availed from various sources such as from employer, refinance facility, HDFC, other financial institutions for other purposes (whether or not linked to any security, including of mortgage of the property financed), relatives, friends or family members who are not co-borrowers.
      Payment from Sale of property financed either directly or through internal adjustment of another customer's loan.
      Third Party cheques
      Surrender of property to developer

      Please note that the list as above is indicative only and not as such exhaustive in nature and for details kindly contact the nearest HDFC branch.
      Further, all cases of multiple payments during a given financial year leading to preclosure of loan shall be subject to pre closure charges.


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      I guess the catch is pre - payment from own source only. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar. Matlab no udhar.
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  • Any update on my post :-(

    What about Axis bank. Any body took loan frm axis.
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  • Originally Posted by VickyB
    Any update on my post :-(

    What about Axis bank. Any body took loan frm axis.

    Vicky Bhai,

    Axis Bank fir bhi badiya hai HDFC se.....Atleast they dont have any prepayment penalty.

    Kahin se bhi le lo....par HDFC ya ICICI se kabhi mat lena.....
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  • Originally Posted by Ashish_Leo
    Vicky Bhai,

    Axis Bank fir bhi badiya hai HDFC se.....Atleast they dont have any prepayment penalty.

    Kahin se bhi le lo....par HDFC ya ICICI se kabhi mat lena.....


    ICICI se bhi bekaar Home Loan Institute hai..... DHFL.... they have increased my home loan rate to 14% from this month and excuse is that (RBI is increasing & you have own business hence for such person we increase more %). I ask him to give me facility for making maximum prepayment then he say you can do maximum 20% prepayment in a year.... 12 Lac Loan he liya tha so jayda argument nahe kiya chup chaap 20% March se pahle aur 20% march ke baad prepayment kar diya :bab (59):, now remaining Loan is 7 Lac (Bara lo kitan baraoge ROI iss 7 lac parr...). DHFL is more SICK then ICICI....
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  • Originally Posted by Ashish_Leo
    Vicky Bhai,

    Axis Bank fir bhi badiya hai HDFC se.....Atleast they dont have any prepayment penalty.

    Kahin se bhi le lo....par HDFC ya ICICI se kabhi mat lena.....

    yeah i am reading the Home loan section and found that as per members Axis is good. HDFC is so so na aacha na bura. And ICICI is worst. baki sarkari banks se milna its very tough. So first i al talking to axis. As my loan amount is 16 lakh hence I am focusing more on pre - payment part. Coz lets say agar mai 2 lakh bhi pre-payment karta hu to my EMI will go very down. What do u say.
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  • Originally Posted by saurabh2011
    ICICI se bhi bekaar Home Loan Institute hai..... DHFL.... they have increased my home loan rate to 14% from this month and excuse is that (RBI is increasing & you have own business hence for such person we increase more %). I ask him to give me facility for making maximum prepayment then he say you can do maximum 20% prepayment in a year.... 12 Lac Loan he liya tha so jayda argument nahe kiya chup chaap 20% March se pahle aur 20% march ke baad prepayment kar diya :bab (59):, now remaining Loan is 7 Lac (Bara lo kitan baraoge ROI iss 7 lac parr...). DHFL is more SICK then ICICI....

    Same is my case 16 lakh ka hai to i am focusing on pre - payment part. So pre payment agar free hai to interest rate bake se 1-2 % jayada bhi hai to koi problem nahi hai..200-300 rs ka farak padega...Aur ye kya bakwas hai ki business walo ko jayada dena hai..Actually maine pada ki bank is better then housing loan body. Baki pre- payment wala clause bhi RBI ne bank ke liye hi nikala hai and housing bodies are not in this clause.
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  • A comment from a member:-

    Dont't just go by ROI.. just watch other norms also.. like prepayment and foreclosure charges etc..

    they will matter a lot in the coming future..
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