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which is the best option for Home loan?

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which is the best option for Home loan?

Last updated: April 28 2010
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  • which is the best option for Home loan?

    Hi Everyone..need some advise on choosing the bank for taking home loan.

    Critirea -
    1. Rate of interest (lowest EMI)
    2. Grevience redressal (customer service)
    3. Payment options and flexiblity
    4. Communication

    so far, i have checked and found that Indiabulls is the cheapest option giving home loan at 8% (may not be the best option in the long run!!)
  • #2

    #2

    Re : which is the best option for Home loan?

    My observation.




    Ethics of banks does matter.

    Comment

    • #3

      #3

      Re : which is the best option for Home loan?

      Indiabulls sure does have the lowest ROI for first 2 years 8 & 8.5
      followed by HDFC & ICICI 8.25 & 9 for the first 2 years.

      Indiabulls being a NBFC solely relies on the borrowed money, for the first 2 years - being fixed - it's a gain in the short term, but risky in the medium/long term.

      ICICI also isn't the most ethical of the lot, the only reason it scores is ease and speed of processing.

      HDFC is one of the better players - most mature as it's the older mortgage lender in the country, has processes and systems in place which work like charm. Not many issues except that they are very quick in revising the rates upwards.

      LIC HF - prime source of funds is LIC which has huge cash piles of insurance money. Little liberal in upward rate revision. The downside is that they take a looong time for disbursal.

      IDBI - doesn't have a USP as such, but is above average in all the parameters, be it swiftness in rate revision, speed of processing.

      SBI - possibly the safest of all lenders. Getting a loan approved and disbursed is a challange in itself.

      AXIS - No Idea.

      Having said that I'd advice anyone to go for HDFC/IDBI if they don't have the luxury of time. If you can wait for a couple of months and can manage it then SBI or LICHF.

      I would rather stay away from I/B & ICICI and have no idea about axis.

      Comment

      • #4

        #4

        Re : which is the best option for Home loan?

        Thanks rohit....

        What do you think about Bank of Baroda and corporation bank?

        Comment

        • #5

          #5

          Re : which is the best option for Home loan?

          Take Loan from any of bank which interest rate is lowest and fixed for say 2 or 3 year.
          After 3 year when you get possesion of property, shift loan to SBI.
          SBI will give loan if you have possesion of property.
          but check what is condition(charges) for loan transfering from lowest interest bank bank to SBI.

          Comment

          • #6

            #6

            Re : which is the best option for Home loan?

            Originally posted by kumarsunil01 View Post
            Thanks rohit....

            What do you think about Bank of Baroda and corporation bank?
            I've got no idea about these two as well...

            Comment

            • #7

              #7

              Re : which is the best option for Home loan?

              Originally posted by ajay_delhi View Post
              Take Loan from any of bank which interest rate is lowest and fixed for say 2 or 3 year.
              After 3 year when you get possesion of property, shift loan to SBI.
              SBI will give loan if you have possesion of property.
              but check what is condition(charges) for loan transfering from lowest interest bank bank to SBI.
              that's one way of looking at it... but some lenders will make it almost impossible for you to get back your papers, so it's prudent to choose wisely...

              Comment

              • #8

                #8

                Re : which is the best option for Home loan?

                Originally posted by sonirohit View Post
                that's one way of looking at it... but some lenders will make it almost impossible for you to get back your papers, so it's prudent to choose wisely...

                Hello rohit....that's really horrifying......which banks you are talking about here?

                Comment

                • #9

                  #9

                  Re : which is the best option for Home loan?

                  Originally posted by kumarsunil01 View Post
                  Hello rohit....that's really horrifying......which banks you are talking about here?
                  I won't name them here - but some banks - if you approach them for transfer they will do what ever they can do to delay so that you get stuck in middle of the transfer. Google you should get some pointers.

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