I just compared with several banks but the processing charge is very high in HDFC Limited for home loan. Interest rate is fine because it is only 0.5% high than others. I was planning to take home loan so I opted HDFC but I was unable to find suitable property and that the only reason to drop the deal. If HDFC do something to reduce the processing charge, it would be nice.
03:36 PM - Mar 30, 2015
I got a public sector bank as an option so that is the reason I didn't avail this Home Loan through HDFC. I felt the interest rate offered was very high and that's the reason I chose Public sector for the loan. I got an immediate response from HDFC and I am happy about that. I feel HDFC is the Best in private sector.
01:27 PM - Mar 30, 2015
In the year of 2012 I have taken home loan with HDFC Limited and they responded really fast and everything was on time. Offered interest rate was 10.15% which is floating for all the months. Unable to recall the charges but that were nominal and satisfied with customer support.
12:32 PM - Mar 30, 2015
I was unable to get this Home Loan with HDFC since the eligibility criteria for availing this loan didn't match with their expectation. The customer service provided was very good and they updated the status of my loan through mail and the document verification was simple as well. They looked up my salary certificate and they said its unable to offer an huge amount of 13 lakhs for that slip. The rate of interest offered was nominal and I suggest it would be better if they understand the customer situation and have a better option to offer the expected loan amount.
03:17 PM - Mar 30, 2015
That time my deal was unable to finalize thus I dropped the plan of home loan whereas the services are good in HDFC Limited. No doubt that everything was good and the executives assisted well in all the aspects. Completely satisfied with interest rate as they offered 10.2%.
01:13 PM - Mar 30, 2015
Home loan process with ICICI bank was happened immediately and they were prompt in reverting. Service charges and processing charges are same to other banks. Pretty descent experience with ICICI bank. Starting of two years, the interest rate 10.1% is fixed and it will be floating in followed months. I got option for ten years of fixed but did not go for it.
12:30 PM - Mar 30, 2015
Problem is with my end because I could not identify the property thus the deal of home loan got closed with HDFC Limited. Other than that follow up was very proper. I actually postponed the plan of home loan for next six months so if I have requirement sure would come back to HDFC. Rate of interest that offered is lowest in the market. Great if HDFC sanction loan also to the property under rural areas.
03:11 PM - Mar 30, 2015
The service provided by LIC in the process of availing this Home Loan was awesome.The response was very good and I am happy with the interest rate offered by LIC which is low. Since its a government insurance they streamline everything good and I am satisfactory. I will surely recommend this to my friends and relatives.
12:48 PM - Mar 30, 2015
Infact HDFC Limited contacted me very late on home loan application so I have taken loan with other bank. My previous experience with HDFC was good but now they did not contact on time thus suggesting them to give atleast initial call immediately as I got it after two weeks of time. They were offered 10.15% of interest.
12:29 PM - Mar 30, 2015
I feel SBI is the Best Bank in public sector and they are the best competitor for all other private and public banks as well. I felt the documentation process was very easy while availing this Home Loan. The best part is I got a Max gain account through SBI and I am really happy about this. The interest rate offered was very low and the processing fee were waived off.
01:29 PM - Mar 30, 2015
I had LIC as an Handy option so thats the reason I didn't avail this Home Loan from HDFC. The interest rate provided by HDFC was little high compared to LIC.I had a regular follow up from HDFC about the loan and I am happy with the customer service provided by HDFC. Surely I will recommend about HDFC to my friends and relatives.
12:42 PM - Mar 30, 2015
I was unable to get the Home Loan with HDFC as they did not offer me the expected amount and the amount which they offered was very low.Initially I was requesting for 39lakh and they offered around 29lakh. The best feedback for HDFC will be the loan execution is very fast and the customer service is best.I think they can value customer opinion and they should have an option of increasing the loan amount.
11:54 AM - Mar 30, 2015
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
EMI limited to about 50%
of monthly income
Loan capped @ 75% - 85% on property value
EMIs of other loans lower
Making your spouse a co-applicant
Choose longer tenure loans of up to 20 - 30 years
Alternatively add your parents as co-applicants
|Interest Rate (Monthly reducing balance)||10% - 10.5%|
|Processing Fees||0.5% of Loan|
|Loan Tenure||1 year to 20-30 years|
|Partial pre-payment Charges||Nil|
The Maharashtra Government announced that it would be providing home loans to all its employees amounting between Rs 20 lakhs to Rs 50 lakhs, keeping in mind the skyrocketing housing prices in the urban areas. The bank said that the loan amount will be determined based on the grade of the staff with an eligibility criteria attached. Government employees should have completed five years of service along with the same number of years left to qualify for the home loan.
If both the spouses are Government employees, then the home loan will be given only to one of them with the new property being bought in the name of the individual opting for the house loan. The sixth pay commission has broken down the cities in Maharashtra into two categories, ‘X’ and ‘Y’ depending on existing property rates. For individuals residing in ‘X’ cities, the home loan amount would be Rs 50 lakhs, in ‘Y’ cities it would be Rs 30 lakhs and for the remaining areas it would be around Rs 20 lakhs.
16th March 2015
The Reserve Bank of India cut repo rate by 25 basis points bringing the policy repo rate to 7.5% from 7.75%. This second rate cut in the last two months is expected to make home loans cheaper. This move comes days after the release of Union Budget wherein the government had planned to collaborate with the RBI to target inflation. The RBI rate cut is likely to give a boost to the economy while also bringing down the loan EMIs. This cut in the policy key rates will lead to a reduction in lending rates by banks and also drive the banks to drop interest rates on home and car loans. RBI quoted its pledge to exercise fiscal responsibility and be pre-emptive in its policy for monetary accommodation as the main reasons for the rate cut.
With the rate cut leading to lower EMIs, this might well be the right time to apply for a home loan if it is on your agenda. Check out various home loan options on BankBazaar.com to plan your finances accordingly.
6th March 2015
Plot loans offer lower ‘loan-to-value’ than home loans which means that the interest paid out will be higher. Loan-to-value offered by home loans is 80-85 per cent of property price but plot loans offer only 60 per cent of the property price the rate of interest charged on a plot loan is usually at par with the rates applicable to a home loan. In case of plot loans, a customer is not eligible to claim income tax deduction for principal repayment or for payment of interest.
There are many restrictions and conditions placed on plot loans by the bank. Banks such as HDFC restrict the loan amount based on the location of the plot especially if it is located in the outskirts of the city. Also, plot loans are not available for purchasing land for agricultural purposes. It can be used only for buying a plot for residential use, investment purposes and so on. Banks normally have other restrictive clauses that require the borrower to finish construction within a stipulated period of time.
20th February 2015
Those who’ve done it will be well aware that searching for the right home loan is a time consuming process. Keeping that in mind, the Confederation of Real Estate Developers’ Association of India, better known as CREDAI, has taken a unique initiative to simplify that task for Chennai residents by organizing a Home Loan Mela this February. The event, which will take place between February 13th to February 15th at Vijay Mahal in Pondi Bazaar, is being organized to help bring customers a step closer to building their dream house. The Home Loan Mela will feature some of the country’s leading banks like ICICI, SBI, Axis Bank, HDFC, Punjab National Bank, Karur Vyasya Bank, Oriental Bank of Commerce, Sundaram BNP PARIBAS, India Bulls, LIC Housing Corporation and more. Customers can benefit not only from the wide range of choices available for home loans but also gather valuable information pertaining to home loans under one roof at the Home Loan Mela this February.
12th February 2015
As a welcome sign from RBI for banks to reduce rates, norms have been eased for applicants seeking home loans for low-cost housing. This means you can now easily get home loans with minimal conditions. RBI has also allowed banks to provide loans in return for long-term infrastructure bonds as security. However, this new rule and minimal conditions for home loan does not apply for home loans in case the long-term infrastructure bonds is in the name of other banks.
In short, getting to the actual amount of home loan disbursed, one can expect a maximum amount of Rs 10 lakh. The loan repayment period is fixed based upon the time duration of the maturity of the bonds which is pledged as a surety for the low cost home loan. This new rule comes on the back of the RBI’s recent decision to allow money lending against long-term infrastructure bonds raised by the banks. Further, the loans against such bonds do not have to comply with the mandatory reserve requirements.
1st December 2014