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I tried applying home loan from HDFC limited. Since I have not got any response from the local branch I did not apply loan with them . As per the enquirement I feel that the interest rate and processing fee is normal as other banks. The only suggestion is to improve the response of local branches.
06:42 PM - May 23, 2015
I was charged Rs 10,000 as a processing fee which is too high no other bank do charge more. If I know this before I would not have come to hdfc ltd for applying for home loan. I feel that they should be more flexible in terms of document I was asked for too many document. And it took 20 days to get my loan in hand. My experience was not that good.
06:15 PM - May 23, 2015
I applied for the home loan with HDFC Ltd.They provided with the rate of interest as 10.4% and its okay for me.They provided the 100% of the capital what I quoted.I got some of the privileges because I am having my salary account with HDFC bank.
04:29 PM - May 23, 2015
While processing my home loan with hdfc ltd on the initial stage I had a very good experience with them and the process was fast. On the first stage itself they collected the processing fee and the cheque. After collecting the cheque the process was slow. So I suggest that it would be better if they collect the processing fee at the end of the stage not at the initial stage. And I faced an issue with document process as well so they should work on it.
06:28 PM - May 23, 2015
I did not have enough captial for the home loan at DHFL as the loan approval was only for 80% to 90%. So I decided to wait. More over I havent seen for a property as per their requirement. I am stil looking for a property once I find one and make arrangements for the capital I will surely get back.
05:38 PM - May 23, 2015
Hdfc Ltd is good except for processing fee. Their processing time was not taken much within few days my loan got disbursed. I got a quick response from the customer service. They reverted to my email, it was very nice and decent.. Stamp duty charges should not be collected from the customer rather bank should provide it to customers.
03:57 PM - May 23, 2015
Due to the very late response for my home loan with DHFL. I wasnt intrested in continuing with them. Their customer service is very poor. They contacted me very late when I lost interest in taking a loan. They need to start responding faster to their customers when the customer are in need of the loan because if the requirement isnt there the customer will not approach for the loan.
06:28 PM - May 23, 2015
I didnt take the Home loan with DHFL because no one contacted me after submission of my application. I got a call after 3months.In the mean time I personally applied with another bank and I got my home loan processed. Very poor service & response.
05:04 PM - May 23, 2015
Everything went on smooth with hdfc Limited in terms of home loan. I got the response on time. Once my documents were collected I was given a disbursal cheque and it took another 15 days to get my loan in hand. Other than this everything was good.
03:52 PM - May 23, 2015
I took home loan with Hdfc Ltd.. Over all it was okay. I feel that what ever interest rate RBI implements even the bank should implement on the same very immediately. The processing fee is bit high compared to the other banks. So this can be improved.
06:16 PM - May 23, 2015
I had bad experience with Hdfc Ltd. For some documents related query and for some legal purpose when I contacted the customer service I dint get proper response from them and sometime they wont respond my calls too. While documentation process they asked me for more number of documents, it was unnecessary document where other banks never ask them. Due this it took 5 to 6 month to get my loan amount. Actually I reached the private banks it is because I thought I will get good response but I found Hdfc was worst in terms of customer support. So I feel definitely they has to improve on this.
04:57 PM - May 23, 2015
I was unable to take the home loan with DHFL due to personal reasons. It is still pending from my end. The customer service is good. The Rate of Interest was also high.
02:53 PM - May 23, 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