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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  • Which agreement are you talking about? I have given 3 copies of TPA to bank.. Also I haven't got checklist yet. Will I be getting that at the time of first disbursement?

    Thanks.
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  • TPA is tri party agreement. Builder, bank and you so each one of you will have the copies. Loan agreement is between you and the bank so you will have one copy of it. Bank will give you the receipt of documents which they have received from you. Have you signed the agreement with the bank?
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  • I haven't signed the agreement with the bank yet. I have handed over my copy of agreement to the bank agent along with all copies of TPA..

    Will I be able see the file before signing the agreement with the bank to verify that they have received all the documents from their agent?

    Thanks..
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  • Has your loan been approved? Means did you receive any confirmation from the bank about your loan approval?
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  • Which bank is it?
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  • You have to sign an agreement with the bank only when your loan is approved. Once the loan is approved, you will sign the bank agreement and one copy of which will be for your records. They will give the list of documents which that have taken from you, if they don't you can ask for it.
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  • Hi,
    It is HDFC Ltd. and I have received sanction letter from them for my loan.

    I have given all the required documents for loan disbursement to HDFC Agent and he says that he has already forwarded the documents to main branch.

    So what I understood is that I will get TPA copies along with checklist at the time of singing agreement with them. Right?

    Thanks.
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  • Yes
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  • Originally Posted by DeepakDeep
    Hi,
    It is HDFC Ltd. and I have received sanction letter from them for my loan.

    I have given all the required documents for loan disbursement to HDFC Agent and he says that he has already forwarded the documents to main branch.

    So what I understood is that I will get TPA copies along with checklist at the time of singing agreement with them. Right?

    Thanks.


    On the day of disbursement, u ll get:
    -Bank Loan agreement
    -TPA Copy
    -Disbursement cheque
    -Option to opt for any insurance plan for loan protection
    and u ll sign lots of papers with ur co-applicant(if any)

    The checklist of docs submitted to them will be received by you in a few days after disbursement by courier, Happened with me this way,

    Go for a term plan, my personal PoV, its cheaper and provides more protection to the nominees, u may go for HDFC Life or ICICI Pru or any other institution,
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  • There is no doubt that today HDFC one of the best option for home with lots of beneficial features.I think you should go with HDFC for home loan.
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  • Wanted to understand that for say project X I have loan approved for Y amount. Now 2 years down the line I want more loan to be approved for me based on my revised financial status. so is this something possible and if Yes, how easy it is as a process?

    Among ICICI and HDFC which would be better option for Home loan, both in terms of customer service as well as charges and policies?
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  • Originally Posted by arpitscd
    On the day of disbursement, u ll get:
    -Bank Loan agreement
    -TPA Copy
    -Disbursement cheque
    -Option to opt for any insurance plan for loan protection
    and u ll sign lots of papers with ur co-applicant(if any)

    The checklist of docs submitted to them will be received by you in a few days after disbursement by courier, Happened with me this way,

    Go for a term plan, my personal PoV, its cheaper and provides more protection to the nominees, u may go for HDFC Life or ICICI Pru or any other institution,


    Thanks for the info Arpit.
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  • I am looking to buy a Under construction property and on booking form builder does not mention service tax charges.

    Now HDFC Sales person tells me that since service tax is variable, builders does not mention it on booking form and based on this fact HDFC will approve 80% of loan on this amount which does not include service tax component.

    Is that normal process?
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  • Bank does not fund service tax
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  • Originally Posted by envynicky
    I am looking to buy a Under construction property and on booking form builder does not mention service tax charges.

    Now HDFC Sales person tells me that since service tax is variable, builders does not mention it on booking form and based on this fact HDFC will approve 80% of loan on this amount which does not include service tax component.

    Is that normal process?


    Bank would provide you loan on 80% total final cost of flat. if service tax included as total property cost and invoice provided by builder or builder buyer agreement ( Which is usually there). I don't think builder will generate invoice without tax component details.
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