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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  • Saggii, they make u buy the home insurance. and i've taken it without a hitch as i would have bought it anyways..... also i've taken the life insurance too as my loan amount is pretty steep and my tenure is 25yrs...... (even though i plan to pay it within 4-6 yrs)....
    As i've mentioned earlier, the main reason i went ahead with SBI is that they were offering me a tenure of 25 yrs n d rest were offering max 12-13 yrs.... plus the paper work was as smooth as it could've been....compared to what i went through wen i took a loan from IDBI Home Finance, this was very smooth....
    All you have to do is find which one suits your needs.....good luck !!
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  • Originally Posted by newone
    Saggii, they make u buy the home insurance. and i've taken it without a hitch as i would have bought it anyways..... also i've taken the life insurance too as my loan amount is pretty steep and my tenure is 25yrs...... (even though i plan to pay it within 4-6 yrs)....

    As you have plan to pay back ur loan in 4-6 years, then why you have taken loan for 25 years tenure...Is there any advantage taking longer tenure & paying back loan in lesser time then taking loan for shorter duration (like 10-25 years) & pay back the same in 4-5 years...if you have any short of excel sheet calculation for the same then plz share the same with forum..
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  • Originally Posted by ash7979
    As you have plan to pay back ur loan in 4-6 years, then why you have taken loan for 25 years tenure...Is there any advantage taking longer tenure & paying back loan in lesser time then taking loan for shorter duration (like 10-25 years) & pay back the same in 4-5 years...if you have any short of excel sheet calculation for the same then plz share the same with forum..


    The main advantage that I can see is - since no. of years are more, the EMI will be less. So the per month obligation towards the bank will be lesser, and you have the flexibility to prepay large amounts of the loan (principal) as and when you have the means to do so.
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  • Ashish, as the above comment guessed, there is no maths in this.... the only reason i took a loan for 25 yrs is so that my EMI is less which gives me flexibility for some other immediate commitments...

    Also, Saggi, I forgot to mention HSBC had approached me sometime back with their home loan product.... if i'm not mistaken, they were offering 8.75% for 5 yrs plus they have a scheme..... il just explain it...

    Ex: uve taken a loan of 30lacs. you're paying monthly installments at the rate of 8.75% but suppose you have savings of 5 lacs which u don't want to give up as pre-payment and just keep as savings....you can keep this amount with in the HSBC account and the interest the bank will charge you will be on PRINCIPAL AMOUNt (-) minus 5 Lacs.... which may be pretty beneficial.... but HSBC as of now is offering loans on 90% completed projects.... they weren't ready to bend the rules even though i'm a premier customer... but u may try ....

    Just a couple of minutes back i went through the SBI site and there's a product called SBI Max Gain which i think is the same thing....i'm not sure about it but if it's so, i will go for it .....(I hope it is :)

    http://www.statebankofindia.com/user.htm?action=viewsection⟨=0&id=0,1,20,115,741,750,786

    Originally Posted by ash7979
    As you have plan to pay back ur loan in 4-6 years, then why you have taken loan for 25 years tenure...Is there any advantage taking longer tenure & paying back loan in lesser time then taking loan for shorter duration (like 10-25 years) & pay back the same in 4-5 years...if you have any short of excel sheet calculation for the same then plz share the same with forum..
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  • Originally Posted by ash7979
    As you have plan to pay back ur loan in 4-6 years, then why you have taken loan for 25 years tenure...Is there any advantage taking longer tenure & paying back loan in lesser time then taking loan for shorter duration (like 10-25 years) & pay back the same in 4-5 years...if you have any short of excel sheet calculation for the same then plz share the same with forum..



    EMI would be less if the tenure is more but in this EMI part, interest part would be more and principal part very less.. If tenure is less then principal amount is more as compared..

    remember that time component is inversely proportional to the Principal component.. more the time less the principal amount in each EMI and converse is also true..


    ohh man .. me just became Einstein :D
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  • Originally Posted by m_square
    EMI would be less if the tenure is more but in this EMI part, interest part would be more and principal part very less.. If tenure is less then principal amount is more as compared..

    remember that time component is inversely proportional to the Principal component.. more the time less the principal amount in each EMI and converse is also true..


    ohh man .. me just became Einstein :D


    This is the precise the reason I asked for some sort calculation sheet (I will make one & post on forun on couple of days time)...So, if you are increasing tenure you are paying less principal & you are making prepayment with that saved amount from EMI, so if later is more then the actual principal paid in case of lesser tenure then its beneficial to take longer tenure for home loan & if this is not true then its actually not helping you, if you wanted to close home loan in 5-6 years time...I will try to solve this in couple of days & will put the conclusion here in forum.
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  • Originally Posted by m_square
    EMI would be less if the tenure is more but in this EMI part, interest part would be more and principal part very less.. If tenure is less then principal amount is more as compared..

    remember that time component is inversely proportional to the Principal component.. more the time less the principal amount in each EMI and converse is also true..


    ohh man .. me just became Einstein :D

    And in addition to this, the banks also charge severe fee like 2% of balance amount if the amount is repaid prematurely & if one has taken loan for 25 yrs & pays in 4-5 yrs, imagine what amount it would be according to balance 2% penalty .
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  • imagine what amount it would be according to balance 2% penalty
    Balance 2% penalty is only for the principal paid in the last 12 months. And usually there is no prepayemnt penalty till 90% of the loan value repayment. So repay to less than 90%, and then let the EMIs slowly finish off your loan in next 1-2 yrs.. !

    ~D
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  • SBI Home loan- please help

    I have applied for SBI NRI home loan directly at SBI RACPC Pune and this week my file will be submitted for sanction process.All verfication of property(flat) by sbi adv done, resdientail address verfied by sbi field officer.
    How much time it will take to sanction the loan?
    if anyone on the forum has idea, please let me know.

    bye
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  • Different Rates can be compared+processing fee, You would know which one is best sooted.
    What abt requirement for Guarantor for
    SBI
    IDBI
    BOB
    LICHFL
    Indian Bank
    PNB (who is offering 8.5 for 3 yrs)??

    Am sure getting a guarantor itself is a pain..

    Can your wife be a guarantor(not a co-owner)
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  • Originally Posted by inder33
    Different Rates can be compared+processing fee, You would know which one is best sooted.
    What abt requirement for Guarantor for
    SBI
    IDBI
    BOB
    LICHFL
    Indian Bank
    PNB (who is offering 8.5 for 3 yrs)??

    Am sure getting a guarantor itself is a pain..


    Best experience with SBI home loans..

    Worst is PNB..

    Top class service is HDFC..

    Please do not get involved with PNB.. the staff is old, adamant and very rigid.. they keep moving your file here and there..
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  • PNB has good offer gng on.. 8.5 for 3 yrs.. quite lucrative.. i know it may be pain initially due to **** PSU bank employees... but worth it...

    Do you know if Guarantor is required for PNB/SBI?
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  • SBI is the best.
    Guarantor is not required. SBI will initially ask either for Guarantor or insist for taking SBI Dhanaraksha policy. I have taken home loan from SBI in Bangalore and not taken SBI Dhanaraksha/Guarantor. That’s depends upon how you negotiate.:D

    Originally Posted by inder33
    Different Rates can be compared+processing fee, You would know which one is best sooted.
    What abt requirement for Guarantor for
    SBI
    IDBI
    BOB
    LICHFL
    Indian Bank
    PNB (who is offering 8.5 for 3 yrs)??

    Am sure getting a guarantor itself is a pain..

    Can your wife be a guarantor(not a co-owner)
    CommentQuote
  • Originally Posted by inder33
    PNB has good offer gng on.. 8.5 for 3 yrs.. quite lucrative.. i know it may be pain initially due to **** PSU bank employees... but worth it...

    Do you know if Guarantor is required for PNB/SBI?


    PNB requires a guarantor for sure.. offer is lucrative but getting through these thick-headed staff is a gargantuan task for sure..

    SBI also asks for some guarantor but they can budge if you take some loan covering policy as Sandesh said.. or in some cases seeing your income, they may not ask a need for guarantor..
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