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.:D
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  • 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.
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  • Thanks, But they have interest rate of 9.75 %. that means a difference of 75 basis points with Idbi. Sounds costlier a bit.
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  • 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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  • Originally Posted by abeerbagul
    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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  • 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,
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  • Originally Posted by Apnaghar
    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%
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  • 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
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  • Originally Posted by saggii
    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.:D


    PNB teaser rates at 8.5 %

    http://timesofindia.indiatimes.com/business/india-business/PNB-offers-teaser-home-loan-at-85/articleshow/6333488.cms


    Also check 1> Corporation Bank and 2> Syndicate Bank.
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  • 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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  • AVOID IDBI Homefinance at any cost.
    I'd taken a loan from IDBI Homefinance in 2007 and repaid it in 3 yrs. During this time, banks like HDFC reduced the interest rate atleast twice. IDBI didn't. However, the rates were revised again when the rates were increased, and IDBI homefinance implemented those at the first opportunity.
    Once, i wanted to extend my EMI payment date by 10 days, but i was told that i have to give atleast a months notice if i want an extension.
    I'd given them 28 post dated cheques. No one informed me when those cheques got over and i had to pay fine to these guys for late payment. when i asked them why they couldn't inform me that they didnt have any cheques, i was told that it was the customer's responsibility to keep a track of cheques.

    There are many other things which made me decide never to even enter their office again and also warn others from these jerks.

    I recently took a loan from SBI. 8%, 9%, 9% and BR + 2.25% and i was helped in all fields. my main reason to choose sbi was coz i wanted a 25yr term and this was the only bank giving me this....

    Also, there's a bank called Indian Bank (i guess), near aurora towers in camp....they were offering 8.5% RoI when all other banks were offering 11.25% in 2007... unfortunately i came to know abt that bank later..... neways u can try....

    like PCPUNE mentioned, go with small PSU's....

    Good luck !!
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  • Originally Posted by newone
    AVOID IDBI Homefinance at any cost.
    I'd taken a loan from IDBI Homefinance in 2007 and repaid it in 3 yrs. During this time, banks like HDFC reduced the interest rate atleast twice. IDBI didn't. However, the rates were revised again when the rates were increased, and IDBI homefinance implemented those at the first opportunity.
    Once, i wanted to extend my EMI payment date by 10 days, but i was told that i have to give atleast a months notice if i want an extension.
    I'd given them 28 post dated cheques. No one informed me when those cheques got over and i had to pay fine to these guys for late payment. when i asked them why they couldn't inform me that they didnt have any cheques, i was told that it was the customer's responsibility to keep a track of cheques.

    There are many other things which made me decide never to even enter their office again and also warn others from these jerks.

    I recently took a loan from SBI. 8%, 9%, 9% and BR + 2.25% and i was helped in all fields. my main reason to choose sbi was coz i wanted a 25yr term and this was the only bank giving me this....

    Also, there's a bank called Indian Bank (i guess), near aurora towers in camp....they were offering 8.5% RoI when all other banks were offering 11.25% in 2007... unfortunately i came to know abt that bank later..... neways u can try....

    like PCPUNE mentioned, go with small PSU's....

    Good luck !!

    In my Opinion. IDBI Home Finance is good for nothing.. One of my friend got a loan from them and they dint even inform him about changes in interest rates... When he inquired about excessive interest component he came to know about it....

    IDBI Bank on the other hand is more or less like any other PSU bank....
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  • Check for Bank of Baroda. They have ROI of 8.75 for 15 yrs and 9 for 20 yrs.
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  • SBI contact

    Hi "NewOne"

    can you plz give contact details of SBI person from whom you have taken the loan ??.. ..
    thanks..
    Rahul
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  • Hi amjamirs2 ..

    Can you give contact details of BoB person ?

    thanks
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  • Originally Posted by rahultcd
    Hi amjamirs2 ..

    Can you give contact details of BoB person ?

    thanks


    Sorry Friend,

    But you will not get the luxury of agent visiting your home/office for BoB.

    You have to go to Retail Loan Factory of BoB located on Ghole Road, Shivajinagar. Its the lane opposit to Balgandharv.
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