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I got the calls from ICICI bank.They done the good job with regular follow up.They provided the rate of interest as 11% thats fine.The tenure is around 6 years and they got the collateral documents for security purpose.The processing charges is little bit high with them.
06:54 PM - May 28, 2015
I got the housing loan with HDFC limited for the rate of interest as 10.15%.The processing time is okay and they dint reduce the rate of interest for me as RBI reduced it for all banks.I am just going to them and will have a conversation regarding about that.I am happy with them till now.
06:34 PM - May 28, 2015
I had a fantastic experience with HSBC while getting this home loan.The customer service provided was really good and the interest rate offered was around 9.75%.They donâ??t collect any hidden charges from the customer and they do value there customers which is appreciable.
04:27 PM - May 28, 2015
It took time to get the loan amount. Sanctioned fast and was good. Until then the process was good. But it was little delayed in terms of disbursal. Hence this can be improved. They should be more delegable Customer service was good. There was no processing fee. So far it was a good experience.
06:49 PM - May 28, 2015
My Home loan application was not approved by Standard chartered bank because I have my retirement in next year so they refused to provide the loan.There is no customer service provided and I have not discussed about the interest rate as well.I will no recommend this bank to others.
05:59 PM - May 28, 2015
I was unable to get this home loan with Standard Chartered Bank because they are not providing Banking service for the locality where I live.The interest rate offered was a nominal rate and it will be better If they provide service in all locality.
04:25 PM - May 28, 2015
I am not happy with Axis bank in terms of home loan. The bank offered me 10.2% interest rate now they offer 9.9% and still it is not reduced . I suggest that they should be more proactive in reducing the interest rate while they proactive to offer the high Interest rate. They got to improve on the customer service as well.
06:47 PM - May 28, 2015
The interest rate was 10% so it can be reduced. I feel that the rate can be competitive as like other competitors. Union bank has to improve in processing time. The processing time got delayed because of lack of information. The representative did not tel about all the documents required. I feel that they should inform about what ever documents are required on prior itself.
05:23 PM - May 28, 2015
I had very good experience with Union bank. The response was very good. The representative was very supportive. When I am in need of any information, I got a good support.I had 10% of interest rate and I am totally satisfied. The processing fee is waived off. After the registration of the house I did not get the registration documents. They should at least give a photo copy of it.
03:58 PM - May 28, 2015
I availed home loan from Union bank. I was offered 10% but now RBI has reduced the interest rate. It would be much better if they could reduce or change the interest rate as per the market. Apart from this I am fine with Union bank in terms of home loan.
06:45 PM - May 28, 2015
My home loan application with Standard chartered was rejected stating the property which I have purchased is not covered for loan offer based on their policy.The customer service provided was not satisfiable and I have not discussed about the interest rate with the bank.
04:57 PM - May 28, 2015
It was a good experience with Union bank while processing home loan. The interaction by the customer service was not that good. After collecting the documents there was no proper interaction. It took 7 to 8 days for the loan disbursement once after documentation. Hence they should speed up the process until the disbursement.
03:57 PM - May 28, 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 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