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I am extremely happy the customer support, responsiveness, speed of processing and utmost the availability of the sales representative. Mr. Sunil Nare ensured that he was always available to take my calls, guide me with right documentation and ensure that everything is in order.
08:11 PM - Apr 20, 2015
I have taken a home loan from LIC Housing limited. LIC is flexible and they try to understand the requirements of customers. They try to understand the oriental profile of customers and they are not demanding. They are flexible to give loans and they requested only for limited documents. It would be nice if they try to implement the rates of interest based on the RBI rules.
04:53 PM - Apr 20, 2015
I actually settled the home loan by pre closing. Processing charge was there but for first five EMI they collected five thousand rupees of EMI bouncing charge. Actually ECS mandate was not sent on time from their end but I had enough balance on my account. When I was going to settle the loan amount the employees of Axis bank were not much pleasing. Infact I raised query to close the loan on 18th but they dragged to next month of 10th and for this 18 to 10 I paid interest with ECS bouncing charge.
10:32 AM - Apr 20, 2015
I am holding a IDBI housing loan it is a good one. However I am a bit disappointed with my interest rate. As when the RBI reduced the rate they were not reducing it. When I checked with them they say that this will not impact this rate, it will impact some other rate. Interest rate offered by them is good when compared with others.
07:05 PM - Apr 20, 2015
I had taken a home loan from IDBI Bank. The customer service executives have been supportive and it was a speedy process as my loan got sanctioned within 2 days. The executive were really supportive as they had taken care of the registration process by visiting the court and they were very punctual in the time and they handed over to me all the documents to me in a fast and good manner. I would still not recommend the bank as the interest rates are very higher as it is a long term loan.
02:45 PM - Apr 20, 2015
Union bank of India is of less branch in cities and in my place it is very small branch where only three of them are working and they are looking of everything. Overall it took a month time to get the sanction letter. As Union Bank being a public sector bank, they are not great in customer service. However I got the disbursement on time and rate of interest is satisfactory. For home loan customers can choose public sector banks like Union Bank of India.
10:31 AM - Apr 20, 2015
Very Fast processing time. While taking loan ask for queries & only then they will clarify you. Otherwise they will not tell you or clarify your doubts. So always ask questions & get clarification. This bank is always preferred as very low ROI & that too on daily reduction rate.
05:56 PM - Apr 20, 2015
Lic hfl is bad in market, they are charging high rates for existing customers and looting money like anything.
service also very poor and staff attitude is careless with customers. I am customer of this LIC and not at all happy with their service.
12:26 PM - Apr 20, 2015
I am very satisfied with the services provided by PNB regarding home loan. No hidden charges like other Pvt banks. easy to get instalment for construction. Customer care and Officer / Executives are very co-operative and assist to make your dream into reality
11:13 PM - Apr 19, 2015
I have applied for loan 6 months back. They have raised so many queries for builder, for me. We have clarified to them on time but no communication received from bank. After 4 months bank deducted the 10000 for processing of loan without intimation to me. Later i was frustated & applied loan to SBI, they have processed my loan with in 20 Days & all the formalities closed.
05:16 PM - Apr 20, 2015
Federal bank is very good in customer service and I am happy with the interest rate they offered on home loan. Even in Saturday and Sunday they called me for paper works and for filling the application. I thought that home loan process would take more than a month to two months but Federal bank sanctioned in time of 20 days. I feel very happy about Federal bank and more than satisfied.
11:37 AM - Apr 20, 2015
Rate of interest is of 10% where it is less than other banks and charges are minimal for home loan in Union bank of India. Excellent customer support as it was smooth to deal with the executives. They introduced insurance as optional but really I was interested to take that thus opted along with the loan.
06:25 PM - Apr 18, 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