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HDFC Home loan process : clarifications on few points

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HDFC Home loan process : clarifications on few points

Last updated: September 4 2013
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  • #11

    #11

    Re : HDFC Home loan process : clarifications on few points

    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.

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    • #12

      #12

      Re : HDFC Home loan process : clarifications on few points

      Could anyone confirm if the magic number X was mentioned in the sanction letter or was it in the agreement ?

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      • #13

        #13

        Re : HDFC Home loan process : clarifications on few points

        Originally posted by chandra2034 View Post

        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.

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        • #14

          #14

          Re : HDFC Home loan process : clarifications on few points

          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 View Post
          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.

          Comment

          • #15

            #15

            Re : HDFC Home loan process : clarifications on few points

            Originally posted by ondabhai View Post
            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 ?

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            • #16

              #16

              Re : HDFC Home loan process : clarifications on few points

              Originally posted by chandra2034 View Post
              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".

              Comment

              • #17

                #17

                Re : HDFC Home loan process : clarifications on few points

                Originally posted by amitexpert View Post
                Could anyone confirm if the magic number X was mentioned in the sanction letter or was it in the agreement ?
                In my case it was in the agreement

                Comment

                • #18

                  #18

                  Re : HDFC Home loan process : clarifications on few points

                  Originally posted by Ranjit.jha View Post
                  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..!!
                  guys this X is the discount from RPLR which varies from constumer to constumer depending on when u took the loan. generally higher for new constumers to woo them. however old constumers have got the option of changing their X and getting it at par with new constumers by paying some fees which is half the difference between your X and prevailing X for new constumers in terms of percentage of loan amount. for eg your X is 5 and prevailing X is 6 on a loan of 10 lakhs you pay .5 percent { (6-5)/2} % of loan amt i.e 10 lakhs which is 5000/-.
                  hope it helps some of you guys whi are stuck with lesser X. you can verify this from HDFC they don't tell this themselves but it is in their policy.

                  Comment

                  • #19

                    #19

                    Re : HDFC Home loan process : clarifications on few points

                    Hi frnds,
                    I m new to real estate. Buying UniHomes-3.
                    Pls suggest If I want to pay 15 lak my own and rest 20 by loan. ( I mean I want to make first 4 payments to Unitech my own and then by loan amount ).
                    My question is- Can I apply for a loan and ask the bank to disburse the amount from the 4th installment or so of the CLP payment plan ?
                    OR the bank will start disbursing as per the standard CLP as given by Unitech ?
                    Pls clarify .

                    Thankyou.
                    regards,
                    Viren

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                    • #20

                      #20

                      Re : HDFC Home loan process : clarifications on few points

                      Hello Viren

                      As per your statement, Property cost is 35 Lakhs. And you wish to pay 15 Lakhs from your pocket i.e. 42%.
                      Generally Banks do funding once you have have paid around 20% of project cost and here you are paying way above 20%. So if Bank has sanctioned for 80% of project, you can ask them for disbursement any time once you have already paid 20%, provided that you have received a demand letter from builder.
                      Note : Your loan eligibility should be 80% of project cost in this case

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