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Which Bank to go for Home Loan?

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Which Bank to go for Home Loan?

Last updated: October 26 2012
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  • Which Bank to go for Home Loan?

    I need to get the home loan for 40 lacs in 7-14 days.So hearing the feedback and enquiring from my friends i thought of four banks i can try:

    1)SBI:- Everybody gave good feedback about SBI provided they saction the loan. But hearing their reputation that dont give the loan easily and takes too much time and energy.So ruling it out.

    2)LIC housing:-Charging 11.15 floating which is higher compare to other banks (10.75 to 11). So ruling it out

    3)Axis :-11 % floating interest rate and has decent reputation.

    4)HDFC:- 10.75% . But prepayment charges are there

    So thinking between axis and hdfc bank
  • #2

    #2

    Re : Which Bank to go for Home Loan?

    Dont even think of going to Axis Bank. They wear you out on documentation. Even if documentation is complete, they will come out with something more. D Dont be sure that even after sanctioning they will disburse or not. I am still waiting after 3 months. Now theyhave come with an excuse that the project is not approved. Then why he hell did the bank sanction the loan, took the processing fee all the documents and made me wait. HDFC is most profession agency for the home laon.
    Originally posted by motgupta View Post
    I need to get the home loan for 40 lacs in 7-14 days.So hearing the feedback and enquiring from my friends i thought of four banks i can try:

    1)SBI:- Everybody gave good feedback about SBI provided they saction the loan. But hearing their reputation that dont give the loan easily and takes too much time and energy.So ruling it out.

    2)LIC housing:-Charging 11.15 floating which is higher compare to other banks (10.75 to 11). So ruling it out

    3)Axis :-11 % floating interest rate and has decent reputation.

    4)HDFC:- 10.75% . But prepayment charges are there

    So thinking between axis and hdfc bank

    Comment

    • #3

      #3

      Re : Which Bank to go for Home Loan?

      HDFC loan rate upto 20 Lakh is 10.50%. HDFC is giving 10.75% fixed for 3 years, I am opting for that. Pre-payment charges is gone and now no prepayment charges as per RBI rule. Today only I met HDFC guy and started processing for loan. HDFC is good if you prefer service rather than .5% interest.

      I had a sanction letter from LICHFL and left these Jokers/crooks..after 6 months of following they given sanction letter with 3 conditions.

      I left them even after spending Rs. 10000 on processing as they will create problem in each installment.

      I am in India and applying with HDFC. These guys are professional and willing to do business.

      Comment

      • #4

        #4

        Re : Which Bank to go for Home Loan?

        Originally posted by motgupta View Post
        I need to get the home loan for 40 lacs in 7-14 days.So hearing the feedback and enquiring from my friends i thought of four banks i can try:

        1)SBI:- Everybody gave good feedback about SBI provided they saction the loan. But hearing their reputation that dont give the loan easily and takes too much time and energy.So ruling it out.

        2)LIC housing:-Charging 11.15 floating which is higher compare to other banks (10.75 to 11). So ruling it out

        3)Axis :-11 % floating interest rate and has decent reputation.

        4)HDFC:- 10.75% . But prepayment charges are there

        So thinking between axis and hdfc bank
        Forgot to mention one more option that one friend of mine suggested me i.e FirstBlue(Formerly known as Birla home finance).Interest rate is 10.75%.But have not heard about it before. They say no prepayment charges.

        One more thing:- Going to change my Job in a week.Not sure how will it impact loan sanction process.

        Comment

        • #5

          #5

          Re : Which Bank to go for Home Loan?

          Originally posted by chandra2034 View Post
          HDFC is good if you prefer service rather than .5% interest.
          thanks Chandra for sharing the info.Do you mean HDFC is charging .5% more than other banks. As you told it charging 10.75% , i dont think any other bank is offering better rate than this.Could you give me that HDFC Guy contact number. I am in bit hurry.

          Comment

          • #6

            #6

            Re : Which Bank to go for Home Loan?

            Originally posted by motgupta View Post
            Forgot to mention one more option that one friend of mine suggested me i.e FirstBlue(Formerly known as Birla home finance).Interest rate is 10.75%.But have not heard about it before. They say no prepayment charges.

            One more thing:- Going to change my Job in a week.Not sure how will it impact loan sanction process.

            I too considered FirstBlue, but a lot of bad reviews about it in this forum, so dropped.

            An HDFC agent told me the bank doesnt charge prepayment anymore. But please double-check.

            I would stick to a PSU bank anyday, despite all the initial hassels

            Comment

            • #7

              #7

              Re : Which Bank to go for Home Loan?

              i will say go for sbi only
              NEVER BUY ANY PROPERTY BY SEEING COMMENTS ALWAYS VISIT LOCATION

              Comment

              • #8

                #8

                Re : Which Bank to go for Home Loan?

                Axis Bank too slow

                I have been waiting for disbursement for more than 2 months now. Each time they say more documents are required. Builder is threatening of interest charge as penalty & I am still not sure of disbursement.

                Axis bank promised me 50% discount in Processing fees - both loan agent (employee of Axis bank) & bank manager who referred agent to me. But at time of disbursement trapped me to pay full amount else no disbursement & still delay is there.

                Fed Up. Hope I would have chosen HDFC.

                Comment

                • #9

                  #9

                  Re : Which Bank to go for Home Loan?

                  please never go with IDBI bank. they will suck you. even after offering sanction letter they will disburse after 2 months its first emi. so u will have to pay penalty to builder.

                  Comment

                  • #10

                    #10

                    Re : Which Bank to go for Home Loan?

                    I'm considering SBI for the loan...although their documentation do takes time, but I'm also not in hurry. I suppose they are offering 10.5% floating these days with no pre-payment penalty...

                    But still I need to figure out that in case of SBI, do I need to pay pre-EMI or I can start with the full EMI from the day 1. Anybody having any idea regarding this?

                    Comment

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