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
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  • 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
    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
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  • 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.
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  • Originally Posted by motgupta
    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.
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  • Originally Posted by chandra2034
    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.
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  • Originally Posted by motgupta
    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
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  • i will say go for sbi only
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  • 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.
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  • 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.
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  • 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?
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  • Originally Posted by MANISH1982
    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.


    I have taken loan from HDFC, they are fast in loan sanction once your documentation is complete, i had taken bike loan ,car loan ,, then finally i have taken home loan from HDFC. right now my ROI is 10.5% and may be in next quarter my ROI will be 10.75%, already RBI repo rate is increased.HDFC will disburse 80% of loan of total cost. LIC i have no idea but they are very much slow and they will only sanction loan of 75% of total cost. i applied from AXIS bank for my Car loan but at that time they rejected, i dont know the reason. but i have one example there disbursement process is very much slow, because of this delay one of my friend paid penalty to builder of more then 50K. SBI won't sanction loan for under construction flats. IDBI ROI is too much high and Bank of Broda ROI is same as IDBI, my two friends already had taken loan from these two banks but both are unhappy because of higher interest rates. :bab (22):
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  • Originally Posted by anandindia1
    I have taken loan from HDFC, they are fast in loan sanction once your documentation is complete, i had taken bike loan ,car loan ,, then finally i have taken home loan from HDFC. right now my ROI is 10.5% and may be in next quarter my ROI will be 10.75%, already RBI repo rate is increased.HDFC will disburse 80% of loan of total cost. LIC i have no idea but they are very much slow and they will only sanction loan of 75% of total cost. i applied from AXIS bank for my Car loan but at that time they rejected, i dont know the reason. but i have one example there disbursement process is very much slow, because of this delay one of my friend paid penalty to builder of more then 50K. SBI won't sanction loan for under construction flats. IDBI ROI is too much high and Bank of Broda ROI is same as IDBI, my two friends already had taken loan from these two banks but both are unhappy because of higher interest rates. :bab (22):


    Is it true that SBI doesn't sanction for under construction flats? I suppose they provide loan for UC flats although their documentation process takes time.
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  • I have said this again and again.

    It is not the bank that is bad or good for processing and disbursing your loan. It is ultimately the clerk or manager who is handling your case matters. It is your jugad that matters. It is equation of the bank with the builder that matters.

    I had a very excellent experience with Axis bank. The bank guy was a sharp and intelligent and there was absolutely no confusion.

    On the other hand, I had my worst experience with HDFC bank. First time they thought I am too young and not eligible. Second time, recently they failed to disburse and I forced them to return back my processing fees.

    I had bad experience with IDBI also .... they slept over my application until I chase them and finally after 2 months they had a filmsy excuse.

    My own brother struggled 6 months with SBI to get the disbursement .. even though he is close to the bank and manager.

    So the ideal steps are

    1. Shortlist few banks, not predominantly by interest rate, that many people do a great mistake. Based on their past history of frequent rate change.

    2. Start initial process with few of those banks but don't pay any processing fees. Let them clearly know that you are exploring with different banks and a .25% interest rate difference is not important to you.

    3. Ask them to commit based on the documents that you provided.

    By that time, you already know which bank matches your chemistry. Go with that bank and don't worry too much about .25% interest difference.
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  • applied for only IDBI bank loan as it was doing DP for Prateek.

    It was nice experience, door step service, fast n friendly. within 20-25 days, Loan amnt was disbursed.
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  • Home loan with low rates

    I think you should check your eligibility for home loan and after that you can apply for home loan through online web aggregaters


    Originally Posted by motgupta
    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
    CommentQuote
  • I have taken from AXIS. It took 3-4 weeks for sanction and 2 more weeks for disbursement.

    after that, the next demand took 3 weeks for disbursement.

    the next one took only 10 days.

    I was not at all harrassed abt documentation. only issue case before first disbursement, as one payment had gone tru wife's account, which has her older name. i emailed them my scanned marriage card and done.

    Interest rate offered to me is the lowest, I guess. It is base rate + 0.50 for a loan more than 25L, which currently is 10.5

    I had to pay full Processing fee and extra Rs 700 for documentation.
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