i am planning to take home loan. i have applied in both HDFC and LIC HFL, below are the differences:
LIC: 10.25% fixed for 2 years, then floating
HDFC 10.15 Floating

LIC is giving me more loan which i need also. Please suggest if i should go ahead with LIC as i am not much aware how will it be being govt company.
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  • Originally Posted by yogeshunique
    i am planning to take home loan. i have applied in both HDFC and LIC HFL, below are the differences:
    LIC: 10.25% fixed for 2 years, then floating
    HDFC 10.15 Floating

    LIC is giving me more loan which i need also. Please suggest if i should go ahead with LIC as i am not much aware how will it be being govt company.


    In my personal experience , HDFC is better.They are very good in customer dealing.
    I have seen cases where LIC HFL had approved the loan initially but when it comes to disbursement , they suddenly rejected by giving any reason.
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  • Originally Posted by hindustan
    In my personal experience , HDFC is better.They are very good in customer dealing.


    Fully agreed...the customer dealing is simply awesome!!

    I too had loan with HDFC & have a pleasant experience.

    Say you require additional disbursement...upload scanned copy of demand letter & they will revert you with the date/time when one can collect the cheque.

    You got some other query, it can be raised online on the portal and you will soon see the answers of your query.

    Truly professional

    regards
    -RD
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  • Originally Posted by rd_bmw
    Fully agreed...the customer dealing is simply awesome!!

    I too had loan with HDFC & have a pleasant experience.

    Say you require additional disbursement...upload scanned copy of demand letter & they will revert you with the date/time when one can collect the cheque.

    You got some other query, it can be raised online on the portal and you will soon see the answers of your query.

    Truly professional

    regards
    -RD


    It is not all roses.
    Uploading scanned copy of demand never got me any response till I personally went and deposited the demand letter.
    For disbursement minimum wait of one hour after you check in.
    I have witnessed ugly scenes at branch between harried customers and indifferent executives.
    Queries raised on portal seldom elicits reply. I have mine pending for six months (till date) while I personally visited and clarified my queries.
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  • Originally Posted by niraj7
    It is not all roses.
    Uploading scanned copy of demand never got me any response till I personally went and deposited the demand letter.
    For disbursement minimum wait of one hour after you check in.
    I have witnessed ugly scenes at branch between harried customers and indifferent executives.
    Queries raised on portal seldom elicits reply. I have mine pending for six months (till date) while I personally visited and clarified my queries.


    Strange, even no need to uplaod scan copy. You just send teh scanned copy at their support email address and then they will reply u to collect cheque. This is what i did always and always got in 2-3 days.
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  • Quality of service offered by HDFC is any day better than LICHFL. Apart from the poor service they offer, I have had a bitter experience with LICHFL when they misplaced my original payment receipt. Despite following up repeatedly, they neither respond properly nor do they render any help. If you don't want to be on tenterhooks with regard to the safety of your original documents, my humble advice is "please avoid LICHFL."
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  • I took from HDFC, Pron: Experience is good. Good Customer care, Less hassle and Paperwork, Good Mobile APP.
    Con: High Processing Fees, Private Bank.
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  • If you have opportunity to get a loan from bank instead of HFC. Pls choose bank those works on base rate system.
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  • Recently booked an under construction property in G-Noida and availed the loan from HDFC Ltd (Ghaziabad). The sales persons (I dont want to name them) in the branch are so careless and rude that they dont inform you anything as to where the application is stuck wrt the approval of home loan. They will come to your house on the day 1 and talk sweetly. They will assure you that there will be no problems and once all the papers are received by them from the customer, the whole approval and disbursement process shall not take more than 15 days. They collect the processing fee cheque also on day 1 itself.

    And then comes the real turnaround. The sales guys who were after you to get a date from you to come and collect the documents now never bothers to get back to you. I have faced this problem from the guys at HDFC Ghaziabad branch. I promptly gave all the docs to them on the next day I booked my property as I had to pay the next installment to the builder within 30 days.
    I had to continuously keep calling the sales persons and every other number that I had of the Ghaziabad branch to know if they need any more docs from my side and everytime they asked me for 2-3 more documents.

    I came to know that the final loan approval is done by the Munirka-Delhi branch and I called/mailed them several time as well to know the application status as I did not want to pay any penalty charges to my builder for missing the 30 day deadline for the first instalment.

    After the horrible and tiresome experience, i was able to receive the disbursement cheque missing my 30 day deadline by 4 days with a total time taken by HDFC to disburse the loan as 34 days. HDFC and myself could manage this in 34 days since I constantly kept pushing them to speeden up the whole process. Had it not been the case, I wonder would my loan ever got disbursed. It is worth noting that my builder's project was already approved by HDFC and I work in a PSU(job security for HDFC to judge the security of their loan) and my credit history was also clean as I dont have any other loan/credit card.

    I had read positive reviews abt HDFC and hence went with them. I just wanted to share my experience so that one may not go to Ghaziabad branch for their loan from HDFC and approach some other branch. The Ghaziabad branch sucks.
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  • Do not go to any financial institutions.. always go for banks.As far as I know,HDFC and LIC both are financial institutions.
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  • Originally Posted by arpitscd
    Recently booked an under construction property in G-Noida and availed the loan from HDFC Ltd (Ghaziabad). The sales persons (I dont want to name them) in the branch are so careless and rude that they dont inform you anything as to where the application is stuck wrt the approval of home loan. They will come to your house on the day 1 and talk sweetly. They will assure you that there will be no problems and once all the papers are received by them from the customer, the whole approval and disbursement process shall not take more than 15 days. They collect the processing fee cheque also on day 1 itself.

    And then comes the real turnaround. The sales guys who were after you to get a date from you to come and collect the documents now never bothers to get back to you. I have faced this problem from the guys at HDFC Ghaziabad branch. I promptly gave all the docs to them on the next day I booked my property as I had to pay the next installment to the builder within 30 days.
    I had to continuously keep calling the sales persons and every other number that I had of the Ghaziabad branch to know if they need any more docs from my side and everytime they asked me for 2-3 more documents.

    I came to know that the final loan approval is done by the Munirka-Delhi branch and I called/mailed them several time as well to know the application status as I did not want to pay any penalty charges to my builder for missing the 30 day deadline for the first instalment.

    After the horrible and tiresome experience, i was able to receive the disbursement cheque missing my 30 day deadline by 4 days with a total time taken by HDFC to disburse the loan as 34 days. HDFC and myself could manage this in 34 days since I constantly kept pushing them to speeden up the whole process. Had it not been the case, I wonder would my loan ever got disbursed. It is worth noting that my builder's project was already approved by HDFC and I work in a PSU(job security for HDFC to judge the security of their loan) and my credit history was also clean as I dont have any other loan/credit card.

    I had read positive reviews abt HDFC and hence went with them. I just wanted to share my experience so that one may not go to Ghaziabad branch for their loan from HDFC and approach some other branch. The Ghaziabad branch sucks.


    Hi Arpit,

    I also took loan from HDFC. Any suggestion/idea as which of their loan insurance product i.e. ‘HDFC Life Group Credit Protect Plan’ or ‘HDFC ERGO General Insurance’ is good?

    Thanks
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  • Buy a term plan online.. At least compare the pricing.. You may be pleasantly surprised
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  • Home loan protection plan is useless. Buy a term plan to safe guard your loan and family
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  • Thanks for the advice.. I will check and compare it..

    Also can we check and verify all the documents which I submitted to HDFC agent like I-bond, agreement, TPA, checklist etc. when I go for collecting first disbursement?

    Thanks.
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  • Bank will give you the checklist of the documents which you have given them for your records. One Copy of TPA has to be with you also.
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  • One copy of agreement will also be handed over to you.
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