Hi All,

I have just got my home loan sanctioned from HDFC. The overall process was smooth like butter but while reading the sanction letter I couldn't find how is the interest calculated in floating interest rate scheme.

SPECIAL CONDITIONS:
1) As per your request, this offer is being made to you under HDFC's ADJUSTABLE RATE HOME LOAN
scheme.

2) The rate of interest mentioned above is based on the currently prevailing RPLR and the same may vary
at the time of disbursement of the loan as well as during its pendency in terms of the said Loan
Agreement.


It is nowhere mentioned what is the X figure that they subtract fro m the RPLR i.e RPLR - X = ROI.

I know axis bank specifies the X figure when they link it to BPLR i.e BPLR + X = ROI.

Can any hdfc customer guide me whats happening here.


Thanks.
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  • Also, what all are the documents required for disbursement ?
    CommentQuote
  • I came to know that HDFC will need these documents-

    1-Allotment letter
    2-TPT+PTM-From builder
    3-All payment receipts of 20 % Payment
    4-Demand letter-from builder
    CommentQuote
  • Documents for sanctioning

    And Whats are documents for sanctioning of loans?

    Originally Posted by apanwar
    I came to know that HDFC will need these documents-

    1-Allotment letter
    2-TPT+PTM-From builder
    3-All payment receipts of 20 % Payment
    4-Demand letter-from builder
    CommentQuote
  • For processing-

    1-LATEST THREE MONTHS SALARY SLIPS with stamp
    2-FORM 16
    3-LATEST SIX MONTHS BANK ACCOUNT STATEMENT-SALARY+ALL EMI A/C
    4-PAN CARD + RESIDENCE PROOF.
    5-COLOR PHOTO 1 WITH ONE CHEQUE IN FAVOR OF HDFC LTD.
    6-PROPERTY DOCS-IF YOU HAVE.
    CommentQuote
  • Hi Guys..
    This is HDFC Ltd ( housing loan company with Red logo ) or HDFC Bank...in discussions?
    CommentQuote
  • Only HDFC Ltd handles the loan, not the bank, however all money transactions goes through HDFC BANK.

    Originally Posted by saihtul
    Hi Guys..
    This is HDFC Ltd ( housing loan company with Red logo ) or HDFC Bank...in discussions?
    CommentQuote
  • Hi Amit, Please ask them that X magic no..

    RPLR - X = ROI

    Since HDFC is housing finance, BPLR is not applicable here. When I was discussing home loan with them few months ago, their executive said to me this 'X" is fix i.e 5.5..

    Please ask them what is in your case..as he said to me X will be fixed through out loan cycle but RPLR is keep changing which is same for all customers and transparent but X is not same for all customer where old and new customer funda lies in HDFC loan processing..I know many people who are still paying 13% ROI from HDFC bank because their X is not fix..

    hope it helps..
    CommentQuote
  • Hi Guys,

    Is there any one from USA who got loan sanctioned from USA for their home loan in NOIDA ?

    If someone is here then please send me detail of HDFC bank officials.

    I have a very bad expereince with LIC HFL and atleast would not recommend anyone from outside India to apply home loan.

    I applied in Jan 2011 and till April end they keep asking some document and latest salary slip every month.

    I paid Rs. 5560 as processing fee and top of that rs. 2000 as they charged me for notary etc.. I am not getting loan.
    When I call them either they will not pick up or if pick up then always say "We have sent your application for sanction."

    Cost of my flat is 34 lakhs and I already paid 17+ lakh still not getting loan...

    I am planning to take loan for 10 years but will return in 2-3 years..Can anyone suggest better option and easy loan ?

    I have applied through LICHFL Gurgaon branch. Beware of those crocks.
    CommentQuote
  • Originally Posted by ankitmittal14
    Hi Amit, Please ask them that X magic no..

    RPLR - X = ROI

    Since HDFC is housing finance, BPLR is not applicable here. When I was discussing home loan with them few months ago, their executive said to me this 'X" is fix i.e 5.5..

    Please ask them what is in your case..as he said to me X will be fixed through out loan cycle but RPLR is keep changing which is same for all customers and transparent but X is not same for all customer where old and new customer funda lies in HDFC loan processing..I know many people who are still paying 13% ROI from HDFC bank because their X is not fix..

    hope it helps..

    Yeah...this X also vary from customer to customer...generally more lucrative for new ones... for example I got my loan sanctioned in july 10. for me this X is 5. I had gone for floating scheme. Had I gone for some teaser scheme, it would have been 4.75
    So this is their "FAIR PRACTICE"--older the customer more to extract..!!
    CommentQuote
  • Hi chandra2034,

    HDFC or ICICI would be better as compare to LICHFL..
    I am trying from HDFC.

    You can apply online on HDFC and ICICI web sites..Once, you have e-approval, you can send all the documents to them.
    CommentQuote
  • Could anyone confirm if the magic number X was mentioned in the sanction letter or was it in the agreement ?
    CommentQuote
  • Originally Posted by chandra2034


    Cost of my flat is 34 lakhs and I already paid 17+ lakh still not getting loan...

    I am planning to take loan for 10 years but will return in 2-3 years..Can anyone suggest better option and easy loan ?



    Most of the Indian banks are like this only. You will be surprised to know that, bakns are not at all interested in this kind of loan... the reason is simple.. the profit margin is very less. They will force you to go for a longer tenure... the longer the merrier for them.

    I do not have good experience with HDFC Noida.

    I hope you understand the difference between sanction and actual disbursement of loan. If not then understand about disbursement of loan and decide based on that only. Sanction is just an eyewash... don't believe in sanction.

    In case you are looking to close it for 2-3 years, then I would suggest, don't waste your time for those mechanical bank clerk. Talk to few of your close friends, parents and relatives and have some lifeline ready there and manage without a loan. Activate the lifeline in case of emergency, otherwise manage from your own funds. A bit painful but DOABLE. I am doing that for one of my purchase.

    The next thing you can do is ... get personal loan from US. Don't be scared without going into details. You will be surprised to know the difference in interest rate is just 3-6% compared to home loan in India (10% vs 16%).... oh yes, I know the effective rate. In best cases the difference in interest rate is just 2% (14% Vs 16%). You will get it very easily and a very viable option. You can opt for 48 months and overall the difference will be negligible. Many desis does the trick by applying few places together!! Explore this and you will be surprised!!! You can get your personal loan in less than 2 days so activate this only in emergency when your other lifeline does not work.
    CommentQuote
  • I would suggest you go for Axis bank for whatever tenure they offer you, say 20 years, then keep making pre payments when u have funds as they dont charge fro that. get rid of your loan in 3 years and enjoy.

    In case of HDFC, if you pay from your own sources in one go, there are no prepayment from day 1, if you make partial payment then only 25% of principal can be paid,

    Originally Posted by chandra2034
    Hi Guys,

    Is there any one from USA who got loan sanctioned from USA for their home loan in NOIDA ?

    If someone is here then please send me detail of HDFC bank officials.

    I have a very bad expereince with LIC HFL and atleast would not recommend anyone from outside India to apply home loan.

    I applied in Jan 2011 and till April end they keep asking some document and latest salary slip every month.

    I paid Rs. 5560 as processing fee and top of that rs. 2000 as they charged me for notary etc.. I am not getting loan.
    When I call them either they will not pick up or if pick up then always say "We have sent your application for sanction."

    Cost of my flat is 34 lakhs and I already paid 17+ lakh still not getting loan...

    I am planning to take loan for 10 years but will return in 2-3 years..Can anyone suggest better option and easy loan ?

    I have applied through LICHFL Gurgaon branch. Beware of those crocks.
    CommentQuote
  • Originally Posted by ondabhai
    Most of the Indian banks are like this only. You will be surprised to know that, bakns are not at all interested in this kind of loan... the reason is simple.. the profit margin is very less. They will force you to go for a longer tenure... the longer the merrier for them.

    I do not have good experience with HDFC Noida.

    I hope you understand the difference between sanction and actual disbursement of loan. If not then understand about disbursement of loan and decide based on that only. Sanction is just an eyewash... don't believe in sanction.

    In case you are looking to close it for 2-3 years, then I would suggest, don't waste your time for those mechanical bank clerk. Talk to few of your close friends, parents and relatives and have some lifeline ready there and manage without a loan. Activate the lifeline in case of emergency, otherwise manage from your own funds. A bit painful but DOABLE. I am doing that for one of my purchase.

    The next thing you can do is ... get personal loan from US. Don't be scared without going into details. You will be surprised to know the difference in interest rate is just 3-6% compared to home loan in India (10% vs 16%).... oh yes, I know the effective rate. In best cases the difference in interest rate is just 2% (14% Vs 16%). You will get it very easily and a very viable option. You can opt for 48 months and overall the difference will be negligible. Many desis does the trick by applying few places together!! Explore this and you will be surprised!!! You can get your personal loan in less than 2 days so activate this only in emergency when your other lifeline does not work.


    Thanks Dear. Actually I have already used all life line.

    1. Have $6500 in credit card debt which is free for 18 months. paying only minimum.
    2. Took personnel loan of $15k 9% interest around March 2010 out of which $12k already paid.

    3. Refinanced my car for just 3.49% interest and got $6.5 k in March 2010.

    Can apply for new personnel loan by Jan 2012 only. (By that time I will finish my existing personnel loan.)

    Actually personnel loan is only 9% in USA but limit is $20k but I don't have Green card etc so don't get that much from one bank.

    If I don't get loan then also I can manage but if get then life will be more easy..

    Which bank has ZERO processing fee ?
    CommentQuote
  • Originally Posted by chandra2034

    Actually personnel loan is only 9% in USA but limit is $20k but I don't have Green card etc so don't get that much from one bank.

    If I don't get loan then also I can manage but if get then life will be more easy..


    9% is simple interest rate... that becomes around 16% as effective interest rate..... still not bad. I have no idea what a 10% home loan's effective interest rate is!!

    I know one of my friend, who applied to 5-6 banks on the same day and took loan from 3 of those banks.... and paid his India home as down payment.

    When he show me the calculation, it was an eye opener for me!! .. he got 12% flat discount from builder for DP....

    Overall he is saving money in this way if you consider the home loan interest for a 4 years tenure.

    I do fully understand what you meant by "If I don't get loan then also I can manage but if get then life will be more easy." .... lekin mera bapuji bol ta hain... yeh loan ka bhoot jitni jaldi utar jaye utni acchi baat hain!!!.

    Anyway, don't worry, eek bar chalna shuru kiya to raaste khatm jaroor hogi. important is "chalna shuru karna".
    CommentQuote