Can someone provide some reviews for SBI home loans?
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  • SBI home loans have the lowest interest rate of 8.25%. But usually they are harder to get unless your company has a contact with the bank. Home loan from SBI would be my first choice iwhen I go for a home loan. Other banks have prepayment penalty(I heard that the other banks also dont have this penalty now, I'm not sure on how far this is true). But there is definitely a difference in interest rates.
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  • Yes,it is the best one.A little harder to get but no contact /contract between yr company and sbi is required.
    If you fulfill the terms and conditions u will easily get the loan.
    If yr builder is good and his scheme is approved by SBI,then u will get sanction letter in couple of visits.
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  • BoB

    My bet would be Bank of Baroda.
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  • BOB is good, so is PNB and Union Bank. They have recently reduced the loan interest to 8.25% for first 3 years and no prepayment penalty upto 100% of your loan .
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  • Originally Posted by Nisardel
    BOB is good, so is PNB and Union Bank. They have recently reduced the loan interest to 8.25% for first 3 years and no prepayment penalty upto 100% of your loan .



    What about axis bank?
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  • PNB,BOB,Union ....infact all nationalised banks are better than private one if u r getting a good deal...
    But key word is avoid private bank even if they provide loan at home facility.

    Getting a loan from nationalised bank is not that easy.
    SBI atleast in Pune is ahead of them due to facilities like
    1)centralized processing,separate marketing team,
    2)online banking.
    3)Some builders get their project pre-approved by SBI
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  • Originally Posted by vibhav_pune
    PNB,BOB,Union ....infact all nationalised banks are better than private one if u r getting a good deal...
    But key word is avoid private bank even if they provide loan at home facility.

    Getting a loan from nationalised bank is not that easy.
    SBI atleast in Pune is ahead of them due to facilities like
    1)centralized processing,separate marketing team,
    2)online banking.
    3)Some builders get their project pre-approved by SBI

    Hi,

    I would like to add some points
    1) SBI has outsourced some of initial work to private company, which made initial processing hassle free.
    2) SBI improved service a lot and I had good experience.
    3) They have Max Gain (over draft) facility which a lot good and saves lot of intrest...
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  • Thanks a lot folks.
    I am going ahead with SBI as of now.
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  • home loans

    Please try to weigh them on apna paisa web site. We loose small small points, when confirming on home loans. You will know from here.
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  • How easy is it to get home loans from Bank of Baroda , Union bank of India. What is the interest rates of these banks. Any other advantages over SBI for these banks?
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  • am also going for SBI. the MAXGAIN feature is good , the rates are best in the industry.

    only thing is the time taken in the approval process
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  • Do remember to take Insurance cover for homeloan.Gud luck!!
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  • Originally Posted by vanraj143
    What about axis bank?

    Axis is good too, but they are shying away from realty. If you do have a account there for long time, maybe they can give.
    PS:- Axis has in house evaluator. They will make a site visit & then tell you whether the demand of the builder is suitable or not. If builder quotes 3k & they value it 2.4k, the amount disbersed on %age points would be according to the rate of 2.4k & not 3k.

    Btw, SBI also has flexi loan, where part can be fixed & rest floating. Check this feature out too.
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  • Though SBI is good one but there fix rate is not fix. That will change after 3 years.
    The bank manager will tell u this fact and they will not hide such facts like ICICI
    So better take floating only
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  • I recommend SBI

    I feel SBI and Bank of Baroda are the best ones, but i would personally recommend SBI.
    SBI interest rate is 8 for first yr and 8.5 for 2nd and 3rd yr. Plus if your project is approved by SBI, then you get 85 % loan (usually SBI gives only 80 %).
    SBI also gives the facility of adding up the insurance premium amount in the loan amount. Thereby, you dont have to pay the premium amount in a lumpsum, you can simply increase your total EMI.
    Also, I feel taking insurance cover from the same bank as you take a loan is better as compared to taking a separate cover from LIC etc...
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