I am trying to procure a home loan, but a huge chunk (40%) of my income on the salary slip is "incentives", hence other nationalized banks and institutions like LIC HFL, SBI, etc., are only providing me a home loan according to the "fixed" portion of my salary slip, per se the 60% remaining amount, which is not sufficient.
Now, I have been informed of two financial institutions that can provide me a good amount of home loan, and they are known as GIC and DHFL.
Now, I am being a little bit skeptical in going ahead with these institutes as they are 1) Private 2) Not government, and after googling, I have read horror stories about DHFL. Not much about GIC though.
About DHFL, I read many horror stories where they increased the rate of interest after 2 months of application and didn't reduce it.
LIC and other banks are only giving 13 to 14 lac loan whereas my requirement is 16 lacs. So far only DHFL (I don't think I will go for them) and GIC are giving me 16 lac loan.
I called GIC office in Thane yesterday and they said there is a new scheme where interest will be fixed 10.5% for 5 years and then floating. Not sure it's good or bad. So confusing
What would you guys suggest ? Anyone had any experience with these institutes ?
Any info on this would be highly appreciated.
Thanx a lot in advance guys
Edit: It's not that much of an emergency but I have to get the home loan sanctioned by 15th Feb, 2013, give or take 10 more days, till 28th Feb, 2013.
i believe you do not have any choice, except to go with any one of these companies since your loan requirement is completed by these companies only... about interest part the rate of interest is almost same in entire industry .. you think Govt. bank/inst are very good... i will tell you.. i took loan from LICHF.. They gave for 8.5% in 2009 fixed for 1 year..later it went to 9.5 and so on.. currently they are charging 11.66% when the entire industry is charging 10.25/10.50...
govt. company is not a guarantee for any benefit..think about post disbursement services, response time, your requirement... in case if a company increases it interest you can any time switch over to other company...but first of all take loan from any company which is giving maximum loan to you as per your requirement/less interest, as you have already done the survey... rate of interest will always be same across industry...