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Best bank for hassle free home loan on resale under construction property
August 12 2012 , 10:14 PM   #11
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axis bankhas no prepayment penalty... but service is just OK...but not bad
August 12 2012 , 10:48 PM   #12
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In a way it is good for U as well if SBI insists on all the documents. U will also be assured that U r buying a clear title property, free from any issues.

I am not here to canvas for any particular bank but once thing is there that SBI was refusing giving any loan in case of Noida Extension properties (and this saved all their customers from Noida extension Fiasco).

So insisting on stringent documentation may not be bad always. It may be a blessing in disguise.
August 12 2012 , 10:51 PM   #13
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Quote:
Originally Posted by trialsurvey
bhai i guess as per this news even hdfc might have removed pre-payment penalty .. but not sure abt this

if any of the experts on the forum have any idea .. your views abt this would be most welcome

Now, no more prepayment penalty on home loan - Rediff.com Business
Yes, that's what I also heard.
August 12 2012 , 10:54 PM   #14
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Quote:
Originally Posted by ManGupta
In a way it is good for U as well if SBI insists on all the documents. U will also be assured that U r buying a clear title property, free from any issues.

I am not here to canvas for any particular bank but once thing is there that SBI was refusing giving any loan in case of Noida Extension properties (and this saved all their customers from Noida extension Fiasco).

So insisting on stringent documentation may not be bad always. It may be a blessing in disguise.
haan yaar but in my case i am looking for loan for jaypee kosmos resale .. i guess not much stringent checking required for jaypee kosmos which is already an established project .

but yes one good point abt taking a loan is that the bank will automatically validate the sellers credentials (to ensure that the seller had not defaulted on payments to jaypee etc)
August 12 2012 , 11:05 PM   #15
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Quote:
Originally Posted by trialsurvey
haan yaar but in my case i am looking for loan for jaypee kosmos resale .. i guess not much stringent checking required for jaypee kosmos which is already an established project .

but yes one good point abt taking a loan is that the bank will automatically validate the sellers credentials (to ensure that the seller had not defaulted on payments to jaypee etc)
I think JP Noida Wishtown is approved by SBI. Hence they might not insists on all the papers like land records, approvals etc. since banks take care all these due diligence already at the time when they approve a project. And AKAIK JP Noida Wishtown Projects are approved by SBI.

HDFC may be also a good option, only some rate fraction of percentage Interest more.
Regarding pre payment penalty, that was the guidelines issued by RBI to all banks but some banks fully comply some donot (or do it after some delay).
Regarding pre payment penalty by HDFC U need to cross check by HDFC branch Yrself.
August 12 2012 , 11:57 PM   #16
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As per RBI guidelines, pre-payment penalty should not be charged by any bank..

For all the bank rates, refer Home Loan Rates | Home Loan Interest Rates | Home Loan Comparison Rate | Deal4loans

PS: thanks for letting me know that jaypee projs are approved by SBI. I always thought that SBI does not provide loans for Noida/Gzb projects...
August 13 2012 , 01:40 AM   #17
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Quote:
Originally Posted by AnkitG84
As per RBI guidelines, pre-payment penalty should not be charged by any bank..

For all the bank rates, refer Home Loan Rates | Home Loan Interest Rates | Home Loan Comparison Rate | Deal4loans

PS: thanks for letting me know that jaypee projs are approved by SBI. I always thought that SBI does not provide loans for Noida/Gzb projects...
I want to point out at two corrections-

1. related to RBI guidelines on pre-payment penalty. There is difference between Rules and Guideline. Rules are to be followed strictly, while guidelines are only like advise. Although in case of RBI guidelines mostly banks fall in line but not necessarily.

2. Regarding - "SBI not providing loans for Noida/Gzb projects..."

Who told U that SBI does not provide loans for Noida/Gzb projects.

the fact is that SBI does not provide loans only for those projects where land price is not fully paid up i.e., 10 Year payment Plan of NA/GNA during 2009-10 onwards. In this kind of scheme there is possibility that builders may default on 10 Year EMI plan to NA / GNA and then title of the property will become unclear.

BUT SBI provided loans to Noida projects which were launched before 2009 and land was not under 10 year EMI plan of authority.

AND in case of JP Noida Wishtown - it is now the safest Land bank in Noida as it is not under 10 Year Land Payment plan because JP got it free of cost for building yamuna expressway under PPP model. Hence SBI has no issues in giving loan for Noida WT projects.

AND in case of Ghaziabad, most of the land is freehold and not under 10 year payment plan. SBI is giving loans for many projects in Ghaziabad wherever land title is clear.
arif_iq and trialsurvey like this.
August 13 2012 , 01:49 PM   #18
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Quote:
Originally Posted by trialsurvey
thanks frito bhai .. i hope all these banks have ZERO prepayment penalty and also do finance kosmos in resale ?

(i got it for 3200 bsp )
Hi trialsurvey,

Congrats for the deal!

Can u plz pm me the contact of the broker as i am about to finalize kosmos 850 sq. ft. Prices m getting are more of 3250-3300.

Thanks
August 13 2012 , 01:50 PM   #19
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Quote:
Originally Posted by trialsurvey
thanks cookie bhai .. but does HDFC has any prepayment penalty ??
HDFC does not have a prepayment penalty
August 13 2012 , 02:02 PM   #20
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I don't think SBI is providing loan to all the JP WT projects.... Atleast they are not providing it for Pavilion court and kBA. My friends holding unit on these have approached SBI for financing on these...
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