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Home Loan : AXIS Bank Vs HDFC

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Home Loan : AXIS Bank Vs HDFC

Last updated: October 13 2017
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  • Home Loan : AXIS Bank Vs HDFC

    Hi Friends,

    Hope to get some inputs and suggestions from fellow members from their past experience:

    We are buying 3BHK Flat in Bangalore. As per the builder project is approved by HDFC, Axis bank and SBI. Due to we live outside Bangalore the builder rep suggested to go with Axis bank or HDFC. Both the banks offers 10.5% as Rate of Interest and Processing Fee is same. As we do not have any previous business with Axis bank or HDFC it became bit tough to decide on which one should we seek... as per the e-mails, both the banks are willing to offer loan.

    1. We are looking for online statement option to view payment history, disbursement and etc., 2. As our HL is Floating, the bank should revise the interest rate as per RBI circulars.
    3. We expect minimum hassle to settle the loan and release the sale deed..

    Please help provide Pros & Cons of the above stated bank and help to choose one among them...

    Thanks in advance...
    Last edited July 17 2017, 02:04 PM.
  • #2

    #2

    Re : Home Loan : AXIS Bank Vs HDFC

    Any inputs friends from the latest informations...

    Comment

    • #3

      #3

      Re : Home Loan : AXIS Bank Vs HDFC

      Originally posted by yousivakutti View Post
      Hi Friends,

      Hope to get some inputs and suggestions from fellow members from their past experience:

      We are buying 3BHK Flat in Bangalore. As per the builder project is approved by HDFC, Axis bank and SBI. Due to we live outside Bangalore the builder rep suggested to go with Axis bank or HDFC. Both the banks offers 10.5% as Rate of Interest and Processing Fee is same. As we do not have any previous business with Axis bank or HDFC it became bit tough to decide on which one should we seek... as per the e-mails, both the banks are willing to offer loan.

      1. We are looking for online statement option to view payment history, disbursement and etc., 2. As our HL is Floating, the bank should revise the interest rate as per RBI circulars.
      3. We expect minimum hassle to settle the loan and release the sale deed..

      Please help provide Pros & Cons of the above stated bank and help to choose one among them...

      Thanks in advance...
      Go for Hdfc. It's hassle free. And all that you need online actually is available.

      Sent from my SM-N900 using Tapatalk

      Comment

      • #4

        #4

        Re : Home Loan : AXIS Bank Vs HDFC

        HDFC is a brand name and they generally are good in all the fields they operate.Housing loans,Mutual Funds and insurance-life,vehicular.
        My experience with HDFC for housing loan has been good.I will recommend HDFC as the best from among private sector housing finance companies.
        HDFC life insurance is another kettle of fish and i would never recommend the life insurance part of this otherwise well known brand.

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        • #5

          #5

          Re : Home Loan : AXIS Bank Vs HDFC

          Thanks for the inputs. However understood that AXIS Bank loan is based on "Base Rate" and more transparent and HDFC is based on RPLR and bit tricky to understand. And any of Axis Bank Home Loan takers to confirm if there is "internet banking" facility to view statements and etc., Thanks a lot!!!

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          • #6

            #6

            Re : Home Loan : AXIS Bank Vs HDFC

            Actually it doesn't matter whether its Base Rate based or RPLR based just look at the end result i.e. interest rate they are offering and choose wisely....I would recommend HDFC....

            Comment

            • #7

              #7

              Re : Home Loan : AXIS Bank Vs HDFC

              Poor experience with HDFC Ghaziabad

              Recently booked an under construction property in G-Noida and availed the loan from HDFC Ltd (Ghaziabad). The sales persons (I dont want to name them) in the branch are so careless and rude that they dont inform you anything as to where the application is stuck wrt the approval of home loan. They will come to your house on the day 1 and talk sweetly. They will assure you that there will be no problems and once all the papers are received by them from the customer, the whole approval and disbursement process shall not take more than 15 days. They collect the processing fee cheque also on day 1 itself.

              And then comes the real turnaround. The sales guys who were after you to get a date from you to come and collect the documents now never bothers to get back to you. I have faced this problem from the guys at HDFC Ghaziabad branch. I promptly gave all the docs to them on the next day I booked my property as I had to pay the next installment to the builder within 30 days.
              I had to continuously keep calling the sales persons and every other number that I had of the Ghaziabad branch to know if they need any more docs from my side and everytime they asked me for 2-3 more documents.

              I came to know that the final loan approval is done by the Munirka-Delhi branch and I called/mailed them several time as well to know the application status as I did not want to pay any penalty charges to my builder for missing the 30 day deadline for the first instalment.

              After the horrible and tiresome experience, i was able to receive the disbursement cheque missing my 30 day deadline by 4 days with a total time taken by HDFC to disburse the loan as 34 days. HDFC and myself could manage this in 34 days since I constantly kept pushing them to speeden up the whole process. Had it not been the case, I wonder would my loan ever got disbursed. It is worth noting that my builder's project was already approved by HDFC and I work in a PSU(job security for HDFC to judge the security of their loan) and my credit history was also clean as I dont have any other loan/credit card.

              I had read positive reviews abt HDFC and hence went with them. I just wanted to share my experience so that one may not go to Ghaziabad branch for their loan from HDFC and approach some other branch. The Ghaziabad branch sucks.

              Comment

              • #8

                #8

                Re : Home Loan : AXIS Bank Vs HDFC

                Hello Everyone,

                I applied for home loan in Axis Bank. They first promised me for 8.30 interest rate for my loan amount of 35 lac. I have given my all documents with processing fee cheque to them. They logged in my application and very next day all verification happened successfully. However after 5-6 days they are saying that applicable rate of interest would be 9.60% due to some reason (i work for a US registeted private organization which is located in Los Angeles and i work from India for them as a permanant employee). Do axis bank have differet rules for different companies? Are they fooling me?

                Comment

                • #9

                  #9

                  Re : Home Loan : AXIS Bank Vs HDFC

                  What Are Banks Offering Homebuyers This Festive Season?
                  Are you considering a house purchase this festive season with the help of a loan? Banks have launched several interesting schemes to help you. Check out some of the recent home loan offers announced by major banks of India. India’s real estate sector is expecting this festive season to mark the start of a new era. And, they have many reasons to expect so. States have by and large set up their Real Estate Regulatory Authority (RERA), a development that has encourages buyers to reinstate their trust in the sector. On its part, the country’s banking is also seen taking measures that would enable prospective buyers to invest. The Reserve Bank of India, for instance, reduced the policy repo rate by a cumulative 175 basis points (bps) between January 2015 and June 2017. Banks reduced the one-year marginal cost of funds-based lending rates (MCLR) by a cumulative 77 bps between November 2016 and June 2017. However, the ongoing festive season has encouraged them to offer you even sweeter deals. In case you are planning to buy your dream home this festive season, here are certain offers that you may consider, depending on your needs and budget.

                  Axis Bank's EMI waiver offer
                  You may already have seen the advertisement featuring actors Revathi and Vikrant Massey that is being aired across television channels at great frequency. The exchange that takes place between a liberal mother and a soon-to-be married son while they are driving home has a socio-economic message. The contents are not only emotionally touching but also financially benefitting. Here is what is on offer. Axis Bank's new home loan product, Shubh Aarambh, provides you an opportunity to save money you will be spending towards the repayment of 12 months of equated monthly installments (EMIs). However, you have to fulfill to certain terms and condition for the bank to waive the EMIs.
                  • First of all, this offer is open only to resident Indians.
                  • The amount you could apply for under this scheme is Rs 30 lakh.
                  • The minimum repayment tenure at the time of disbursement of the loan should be 20 years.
                  • You cannot prepay your loan before four years to avail of the benefits.
                  • You need to maintain a good repayment record. In case you fail to do so, the benefits of the offer will not be extended.
                  • If all goes fine, four EMIs will be waived at the end of the fourth year, eight and 12th year of the repayment period.
                  Do note that the bank charges 8.35% per annum if a salaried individual opts for a home loan based on a floating rate of interest. In case of self-employed people, the rate is kept at 8.40 per cent an annum. The borrower has to pay one per cent of the loan amount as the processing fee.

                  ICICI Bank’s cash-back offer
                  India’s largest private sector lender ICICI Bank wants you to do business with you for as long as it could. Keeping that in mind, the bank has launched a new loan product -- a one-per cent cash back on your monthly installment payment. The new product can help a borrower get up to 11 per cent of the principal loan amount as cash back if the repayment tenure is kept at 30 year. By offering this incentive, the bank is aiming at retaining a borrower for a longer period. “The product incentivises the customers to stay on for a longer period of time which is healthy from a customer as well as bank perspective and generally from an ecosystem perspective," ICICI Bank Executive Director Anup Bagchi told media.

                  Sounds good enough?

                  Do note that:
                  • The offer is only for new home loan borrowers.
                  • Under this scheme, there is no limit on the loan amount you can apply for.
                  • The repayment tenure could be 15-30 years.
                  • Residents as well as NRI can apply for the offer.
                  • The effective rate of interest for borrowers availing of an affordable housing product is 4.62 per cent.
                  Are you an existing borrower? Here is something for you, too
                  Those already repaying a loan also have reasons to cheer. Many public sector banks, including State bank of India, recently announced a reduction in their base rate. After the reduction that come into effect on October 1, SBI will charge 8.95 per as interest on loans linked with the base rate system. Similarly, Bank of Baroda will charge an interest rate of 9.15 per cent; the earlier rate was 9.50 per cent. AndhraBank has reduced base rate to 9.55 per cent from the earlier 9.70 per cent. The move by these public sector lenders will benefit a great number of existing borrowers. Do note here that SBI has also waived processing fee on all home loans. Earlier, SBI also a loan scheme, Hamara Ghar, for the affordable housing segment. The loans under this scheme will have a fixed rate of interest for two years, up to a loan amount of Rs 30 lakh.
                  Last edited October 13 2017, 03:30 PM.

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