Announcement

Collapse
No announcement yet.

Need advice on home loan

Collapse
X
Collapse

Need advice on home loan

Last updated: March 12 2013
7 | Posts
2870 | Views
  • Time
  • Show
Clear All
new posts

  • Need advice on home loan

    Hi All,

    Some time back i booked flat in Iparmar's River residency, personally i wanted home loan from SBI, but builder is forcing me to go for HDFC for home loan as HDFC is one of the bank who approved their layout plan.

    There is very less processing fees in SBI than HDFC (HDFC charges approx. Rs. 11k, where as SBI charges max of Rs 6500)

    Please advice me that in this case what should i do.
  • #2

    #2

    Re : Need advice on home loan

    Home Loan from HDFC only

    Originally posted by naimish View Post
    Hi All,

    Some time back i booked flat in Iparmar's River residency, personally i wanted home loan from SBI, but builder is forcing me to go for HDFC for home loan as HDFC is one of the bank who approved their layout plan.

    There is very less processing fees in SBI than HDFC (HDFC charges approx. Rs. 11k, where as SBI charges max of Rs 6500)

    Please advice me that in this case what should i do.
    Friend,
    The builder is not legally correct if he does some such thing. He may be reluctant to produce all papers which SBI will ask. SBI is the strictest in documentation and generally if SBI gives loan to a great extent papers are in order.
    Tell the builder to reduce that mcuh of charge which you pay extra to HDFC.HDFC must have opened a master file for this project and by the way Even HDFC is good at document checks before granting loans.
    SBI has schemes like Maxgain,Surakshit home loan(loan with insurance cover)Yuva home loans for salaruied emplyees even of private sector,Government etc.Pre approved Limit loan. Each of these loans have their own features which the bank will enlighten you and can select the most suitable one.
    HDFC loan advantages are given below
    • Counselling services for acquirisition of property
    • Wide range of home loan products & services
    • Loan from any branch of HDFC for purchase of home in any part of India
    • Loan approval even before a property is chosen
    • Flexible loan repayment options like Step Up Repayment Facility, Flexible Loan installments Plan, Tranche Based EMI, Accelerated Repayment Scheme
    • immediate loan approvals etc
    • Most experienced and empowered personnelfor smooth priocessing
    • Free & safe document storage
    • Online loan application facility
    Please meet the builder and clarify your stand and i am sure the builder cannot force his bank choice on you against your wish.
    All the best. Your choice of River residency is good though the river is highly polluted but area is developing industrially.I was also planning to have a look but distance from where i stay stopped me. all the best

    Comment

    • #3

      #3

      Re : Need advice on home loan

      Thanks vaibav for helping me, i would ask same thing to builder which you suggested me.

      Thanx once again.

      Comment

      • #4

        #4

        Re : Need advice on home loan

        I would prefer SBI as the Interest rates are lower and they dont have hidden charges.

        SBI is strict with documentation and also payment. It will pay only if it finds the work has been completed as per its standards

        Comment

        • #5

          #5

          Re : Need advice on home loan

          Builder generally prefers non sbi bank as they disperse money in 1-2 week. But SBI takes ~2 months.

          It is always better to go with SBI and if not possible then HDFC is best.

          Comment

          • #6

            #6

            Re : Need advice on home loan

            insisting on a particular bank is a clear indication of not all documents are in place. this means a problem for obtaining cc in future also. Infact the test to get answer of clear documentation is asking the salesperson banks from which project is approved.. if he says SBI and or LIC among others .. its a 1 or its 0.

            Comment

            • #7

              #7

              Re : Need advice on home loan

              builder should not have said go only for HDFC something is cooking up. If he have all papers clean then he should not hesitate even if you want to take Bank of USA (sarcasm intended )

              Comment

              Have any questions or thoughts about this?
              Working...
              X