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- SBI Bank is known to provide loans at the cheapest rates. They also have more stringent document requirement and hence if you are buying from a builder, it should be comforting that your Bank will demand all papers from the builder and do a thorough due deligence.
the SBI Max Gain scheme is an amazing concept and shrewd, savvy people can save a lot of money by using it wisely.
Recently a couple of my friends and cousins took loans from LIC Housing Finance. they assure fixed rate of interest for first 2/3 years (currently 10%...the lowest in this market) and then to floating. the scheme looks interesting because it doesnt look like the rates are headed downwards anytime soon and after 2 years, if the floating rate at LICHF looks high, you can easily switch to another Bank.
Hope this helps. All the best.CommentQuote0Flag
- Originally Posted by reddykalpanaHello if we want to go for home loans from banks which bank is the best for that and i need information about rate of interest also.
HDFC Ltd - even if their pricing is sligher higher that few other banksCommentQuote0Flag
- affordable housing is a myth as banks and Nbfc's are charging huge interest. Indiabulls is charging 13.65% rate of interest on home loan
NBFC's are not passing the benefits of the interest rate cut. The RBI has lowered interest rate 4th time to 5.40%. Thus accordingly, interest on home loan should be somewhere around 7%-8%,.@ibhomeloans is charging a whopping interest rate of 13.65% on a home loan.
NBFC and Banks are not lowering interest rates for existing customers. RBI is doing its job by cutting rates but banks and NBFC are not transferring the benefit to customer
interest on a home loan is not been passed to customers of (Indiabulls housing) there is no use on RBI repo rate reduction
- They are all trapped with no liquidity, hence they cannot afford to reduce their income. Also lower rates wont help, its the house prices that are the problem. They need to come down a lot to solve the problem.CommentQuote1Flag
- SBI announces 'residential builder finance with buyer guarantee' scheme PTI
MUMBAI: Country's largest public sector lender
State Bank of India
on Wednesday announced a 'residential builder finance with buyer guarantee' (RBBG) scheme aimed at giving a push to residential sales and improve homebuyers' confidence.
Under this scheme, the SBI will issue a guarantee for completion of select residential projects to customers which have availed home loans from it.
The scheme will focus on affordable housing projects priced up to Rs 2.50 crore in 10 cities, initially.
"We are committing that till the time a project receives an OC, there will be a guarantee which the bank will offer buyers who take loans from it. This will be a win-win situation for homebuyers, builders and the bank,"
SBInChairman Rajnish Kumar said. Under RBBG, the guarantee would be given by the bank till the project gets the occupation certificate (OC).
"Suppose a buyer has booked a flat in a project for Rs 2 crore and has paid Rs 1 crore, and if the project gets stuck then we will refund Rs 1 crore. The term of the guaranteed will be linked till OC," he explained further.
The guarantee will be available for RERA registered projects and a project will be considered stuck after it crosses the RERA deadline.
Kumar further said this product will improve the confidence of the home buyers and increase the velocity of sales of residential units.
To begin with, SBI has tied up with city-based real estate developer Sunteck Realty for its three ongoing projects in Mumbai Metropolitan Region (MMR).
"All reputed builders fulfilling the prescribed criteria by the bank can avail loan between Rs 50 crore to Rs 400 crore," Kumar added.
Commenting on the tie-up, Sunteck's chairman and managing director Kamal Khetan said, "This memorandum of understanding is a win-win for our customers who would get the best value proposition for the best quality homes."