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Service was good with Hdfc Ltd in terms of my home loan. The interest rates and charges are bit high. I spoke to the bank manager the response was good. The paper work and verification was fine. So within 10 days it was disbursed. No feed back or such everything was good with Hdfc Ltd.
06:38 PM - Jul 30, 2015
I have a home loan from axis bank which I got by approaching them directly. They were supportive. I had an executive from the sales team who helps me. If I raise any queries they raise it to bank and it will be resolved in just 2 to 3 hours. It was a corporate offer which I got, it was a competitive one.
05:53 PM - Jul 30, 2015
The service is better with the HDFC Ltd for the home loan which I have applied with them.The rate of interest was around 9.9%. Its the combined of the balance transfer and the top up loan.Documentation went really good with them.EMI deduction is the understanding between the company and the lending agency.
04:21 PM - Jul 30, 2015
My housing loan taken from LIC housing Finance . The process was pretty smooth, it was better than a private bank. I just had to visit the branch for some formalities and the agents came to collect the documents. I am totally fine with the interest rate and charges. Service was good. The rate should be parallel as other banks.
06:36 PM - Jul 30, 2015
Rate of interest for the HDFC Ltd home loan was around 9.85% and the processing charges was around 11000 Rupees.The services are good with them.I got the loan to be within 10 days of time.Documentation process was smooth and there is no barrier over there.
05:32 PM - Jul 30, 2015
Quick process, I can say it from getting the home loan with the HDFC Ltd.The services are good and the rate of interest is 9.9%. Within 15 to 20 days of time that the loan got disbursed to my account.Documentation process went in the smooth manner. At one stop the everything got completed.
03:35 PM - Jul 30, 2015
An Emi for my home loan still running with Hdfc Ltd. This for 15 year. It was good with Hdfc ltd. The customer service was fast and informative. thy were quit transparent. The informed me what ever i wanted and got it what ever I needed.
06:33 PM - Jul 30, 2015
I took a home loan from Bank of Baroda. A loan bonanza offer was going on and I got 0% charges. They processed my loan application in just 7 days. The executive who came was very honest. It was a good experience. The customer service is really good with them.
05:12 PM - Jul 30, 2015
State Bank of India is really good. I applied for a home loan and got the same. The response was very good and got my loan in just 10 to 15 days. I thought its a government bank and it may take a long time to process but they were fast in processing the loan. They have improved a lot.
03:26 PM - Jul 30, 2015
There was some confusion in tenure and in emi calculation when home loan was transfered to IDBI bank. Previously I have opted the home loan with non banking sector and its been taken over by IDBI but not yet received the letter regarding calculations. On customer point of view interest rate is on higher side in IDBI but charges are similar to other banks.
06:33 PM - Jul 30, 2015
My home loan experience with the LIC housing finance is good. As my property was under constructions and I had been given loan under installments. It took 8 days for the loan to get disbursed from this company. The worst part is I had paid the first month emi and I have not been given with cheque yet and there is no proper response for it.
04:35 PM - Jul 30, 2015
State Bank Of India is good, but they took a long time to process my home loan application. They had too many stages of verification. I am not satisfied with the process. I got the expected amount from them with a lesser interest rate. Pre closure can be done with nominal charges.
02:31 PM - Jul 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|
With a drop in interest rates for home loans after the repo rate cuts from RBI, customers in India are expecting home prices to come down as well, noted Renu Sud Karnad, the managing director of HDFC. The general public is of the view that since there was a drop in interest rates, there might be an alternate drop in housing prices. But builders are hesitant to offer deals and lower their prices owing to the debt burden they shoulder.
With skyrocketing prices and an absence of good deals, the demand for homes have diminished lately. Builders only offer deals and discounts for serious buyers. Though HDFC reports that customers have been enquiring about home loans and interest rates, they are still unsure about the decision they should make about buying a home. With builders not offering anything extravagant to customers, most buyers are not yet ready to take the plunge.
22nd July 2015
State Bank of India, one of the largest public sector banks in India has signed an agreement with BankBazaar.com to display their loan products on the online portal. SBI’s strategic augmentation to its home loan portfolio is highlighted in its decision to join hands with the leading online financial service provider, BankBazaar. This tie up would definitely increase the online presence of SBI in the digital market. Home loans from SBI will be easily available as Bankbazaar.com has strongholds, both on the internet and through its mobile application. The customized quotes and comparison feature on BankBazaar’s website and mobile app would definitely help customers to choose home loans easily and wisely.
17th July 2015
On 25th June 2015, Prime Minister Mr. Narendra Modi is anticipated to launch three Housing schemes – Housing for All by 2022, 100 Smart Cities and AMRUT. The primary objective of the Housing for all by 2022 is to make around two crore homes available in the urban areas of India. To accomplish this scheme, facilities like a fast approval process, unlocking land to ensure affordable houses, and empowering the low-income groups financially are integral. The developers are excited about getting an opportunity to construct affordable houses due to this scheme. The chairperson of Mantri Realty, Mr. Sunil Mantri is of the opinion that in big cities like Delhi, Mumbai and Bangalore, the government should improve the infrastructure first. With the present state of infrastructure in these cities, the concept of affordable housing falls flat.
These days, with various leading banks providing home loans at affordable rates of interest, buying a house is no longer an unachievable dream. Every home loan scheme has been designed keeping in mind the needs of the individual customer. You can refer to any third party financial website to check the various home loan schemes offered by different banks, and choose the best scheme for yourself.
10th July 2015
In order to support its ‘housing for all by 2022’ project, the government has announced that it will offer a wide range of incentives to people from economically backward families including a subsidy of 6.5% on home loan interest rates. The government hopes that these incentives will motivate people from economically weaker families to opt for home loans and construct their own houses. Prime Minister Narendra Modi chaired a meeting of the Cabinet Committee on Economic Affairs (CCEA) in which he cleared certain changes to ‘housing for all by 2022’. These changes paved the way for providing interest subsidy on housing loans to poor people.
The poor people in urban areas can enjoy economic benefit to the tune of Rs 2.30 lakhs each, if they opted for a home loan with a tenure of 15 years. Also, the income limit for low income category in urban areas has been doubled by the government to 2 lakhs per annum for availing benefits under this scheme.
2nd July 2015
The Credit Information Bureau of India Ltd. (CIBIL), has reported that there has been a substantial increase in the demand for home loans and credit cards in India. The Senior Vice President of the Customer Relations department of CIBIL, Harshala Chandorkar, disclosed that the growth of home loans has been triggered by an increase in the demand for the loans in the cities of Delhi, Bangalore, Mumbai and Pune.
In the 1st quarter of this year, around 3.9 lakhs new home loans were processed and it is estimated that the number will continue to grow exponentially as the year progresses. The delinquency on has decreased as well, by 0.57% in the same quarter, in comparison to 2010 when it was 1.06% by end of the year.
25th June 2015
On Tuesday, India’s apex bank, the Reserve Bank of India (RBI) slashed its repo rate again by 0.25%. In response, leading Indian lenders including SBI and Allahabad Bank, have also acted swiftly and cut their own base lending rates. SBI has affected a cut of 15 basis points to arrive at a lending rate of 9.70%, while Allahabad Bank is set to lower its lending rate by 30 basis points. Alongside these two, Dena Bank and Punjab and Sind Bank have committed to individual cuts of 25 basis points each, while other influential banks including ICICI, HDFC and Axis Bank are expected to follow suit. While this move from RBI is expected to have a positive long term impact on India’s economic growth, the immediate reaction will be lowering of EMIs pertaining to loan products, including Auto, Retail and Home Loans.
11th June 2015
Customers do not decide on buying a house depending only on the interest rate offered on home loans. Instead, their decision is based on prevailing circumstances and events that affect them. They are aware of the fact that various financial institutions and banks offer a variety of options and plans through different home loan schemes. Other factors that will have an impact on the customers include loan application process, time taken for approving loan, terms and conditions of the loan etc.
Financial institutions should be able to determine choices of customers well in advance to have a competitive advantage and to establish a solid customer base. By considering these factors, financial institutions can sustain in difficult market conditions.
29th May 2015
The fiscal year 2015 witnessed a rise in home loan disbursements. The housing finance sector has seen a 17% growth in the first nine months of 2014-15. The overall economic state has improved, giving borrowers more disposable income, while the interest rates have been reduced, and thus making house purchases affordable. Also, with the overall prices of property increasing marginally, purchasing homes on the boundaries of the metros is feasible. During the last fiscal year, housing finance companies reported capital infusions of Rs 1,780 crore according to the IRCA, showing that investment in the housing sector has risen.
HDFC’s average home loan last fiscal increased from 22.1 lakhs to 23.3 lakhs resulting in a 16% growth in individual loan disbursements. HDFC and Indiabulls Housing lowered their lending rates to 9.9%, and Sundaram BNP Paribas Home Finance reduced to 9.95%.
The center is also encouraging affordable housing by providing tax deductions on interest paid, and proposing to increase the tax rebate on home loans. The ICRA has predicted that this would boost the housing loan growth to 20-22% this fiscal year.
20th May 2015
With a sluggish credit growth and a fear of business losses, some of the private sector banks have lowered their interest rates by 20 to 25 basis points. Axis Bank led the group by introducing a base rate of 9.95% reduced from 10.15%, effective from April 13. Lakshmi Vilas Bank has also announced a base rate cut of 15 bps lowering its home loan interest rate to 11.10%. Financial institutions like City Union Bank and Repco Bank are also expected to follow suit. The rate cut expected from City Union Bank is around 10 to 25 basis points.
With bigger banks like HDFC and ICICI lowering their base rates, smaller financial institutions have been forced to make this move to sustain their businesses. Earlier HDFC had reduced its base rate by 15 basis points to 9.85% from 10% and ICICI bank had lowered its base rate by 25 basis points to 9.75%. These base rate cuts have been reported to have stemmed from the two repo rate cuts of 25 bps each announced by the Reserve Bank of India at the beginning of this year.
23rd April 2015
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