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HomeLoan: SBI or Idbi or idbi home finance?

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HomeLoan: SBI or Idbi or idbi home finance?

Last updated: September 19 2010
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  • HomeLoan: SBI or Idbi or idbi home finance?

    Hey guys, I got the quotes from various banks. The three of them I found very lucrative in terms of interest rates, processing fees, pre/part payment rates etc were:
    1. SBI: 1st year 8, 2nd-9%, 3rd 9%, then BR + 1.75%
    2. IdBI: 9%
    3. IDBI Home Finance: 8.9%, RPLR-3.35%

    Other baks have rates of >=9.75%. Processing fees for any of these above are under 12000.

    Do anybody have any previous experience with the above three? especially with Idbi bank and Idbi home finance(both are different entities). I can't find much reviews from any of these two.

    Quick response would be appreciated.
  • #2

    #2

    Re : HomeLoan: SBI or Idbi or idbi home finance?

    SBI, if you can survive the mountain of paperwork. The transparency and peace of mind they offer, you cannot get anywhere else.

    Try LIC Housing Finance also. They are also a govt company, and a bit more aggressive than SBI in giving home loan. Let me know if you need details of their loan officer.

    Disclaimer: Have got one home loan from LIC HF previously, which was a good experience.

    Comment

    • #3

      #3

      Re : HomeLoan: SBI or Idbi or idbi home finance?

      Thanks, But they have interest rate of 9.75 %. that means a difference of 75 basis points with Idbi. Sounds costlier a bit.

      Comment

      • #4

        #4

        Re : HomeLoan: SBI or Idbi or idbi home finance?

        Oh, then that is not going to be a good deal. Did not know the latest interest rates.
        Whatever you do, dont take home loan from ICICI, even if it means letting go of the deal. That is like making a pact with the devil to buy a ticket to heaven.

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        • #5

          #5

          Re : HomeLoan: SBI or Idbi or idbi home finance?

          Originally posted by abeerbagul View Post
          Oh, then that is not going to be a good deal. Did not know the latest interest rates.
          Whatever you do, dont take home loan from ICICI, even if it means letting go of the deal. That is like making a pact with the devil to buy a ticket to heaven.
          hehehe, im anyways not going for it or any private bank . my relative also had a bad experience with them.

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          • #6

            #6

            Re : HomeLoan: SBI or Idbi or idbi home finance?

            Axis Bank Home Loan

            Hi,

            Have you inquired about Axis Bank Home Loan? I took one last year at 9%, which they later reduced to 8.75% when the interest rates came down. Not sure how it will move up - given that interest rates are likely to go up. There is no pre-payment penalty.

            Best regards,

            Comment

            • #7

              #7

              Re : HomeLoan: SBI or Idbi or idbi home finance?

              Originally posted by Apnaghar View Post
              Hi,

              Have you inquired about Axis Bank Home Loan? I took one last year at 9%, which they later reduced to 8.75% when the interest rates came down. Not sure how it will move up - given that interest rates are likely to go up. There is no pre-payment penalty.

              Best regards,
              They are too at arnd 9.75%

              Comment

              • #8

                #8

                Re : HomeLoan: SBI or Idbi or idbi home finance?

                I have not taken a loan but had approached the IDBI home loan finance.. They were pretty horrible.. Absolutely archaic processes.. too much paper work.. too much trouble and yet there was nothing much in their offer.. Bad Experience. (This was Koromongala branch in Bangalore)
                Very expensive and not worth it.. I do not know about IDBI bank though.. Avoid IDBI housing Finance with a barge pole
                Last edited August 22 2010, 12:11 AM.

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                • #9

                  #9

                  Re : HomeLoan: SBI or Idbi or idbi home finance?

                  Originally posted by saggii View Post
                  Hey guys, I got the quotes from various banks. The three of them I found very lucrative in terms of interest rates, processing fees, pre/part payment rates etc were:
                  1. SBI: 1st year 8, 2nd-9%, 3rd 9%, then BR + 1.75%
                  2. IdBI: 9%
                  3. IDBI Home Finance: 8.9%, RPLR-3.35%

                  Other baks have rates of >=9.75%. Processing fees for any of these above are under 12000.

                  Do anybody have any previous experience with the above three? especially with Idbi bank and Idbi home finance(both are different entities). I can't find much reviews from any of these two.

                  Quick response would be appreciated.
                  PNB teaser rates at 8.5 %

                  http://timesofindia.indiatimes.com/b...ow/6333488.cms


                  Also check 1> Corporation Bank and 2> Syndicate Bank.

                  Comment

                  • #10

                    #10

                    Re : HomeLoan: SBI or Idbi or idbi home finance?

                    Go with small PSUs always, and always compare the EMIs - for all the 20 years - not the interest rates - check the NET outgo from each & every bank and then decide.

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