It was a nice experience with ICICI Bank for the home loan I have taken. It took 20 days for my loan to get disbursed and I dont have to do anything as all the documentation process was taken care by the bank executive. I kept ready all the documents as told by him and he came and collected them on time.
11:36 AM - Mar 26, 2015
My experience with HDFC was good for the home loan I have taken. Before getting the loan the service provided by them was good and they were very cooperative. After the disbursement their services are not good as they have not cleared some of my doubts. It would be nice if they improve their customer service after the disbursement.
06:03 PM - Mar 25, 2015
It was a good experience with HDFC for the home loan I have taken. The sanctioning of documents took place in a short span of time and my loan got disbursed within 3 to 4 days. The best part is only less documentation and fast approval of the loan. It would be nice if the processing fee is lowered.
02:27 PM - Mar 25, 2015
SBI Housing loan they need to improvise on the loan process. The documentation process is fine, they should inform the customer before hand. It would be great if they follow the turn around time. The best part about SBI is it has got Maxi gain facility where we can invest the amount and the interest will not be calculated for the deposit which has been maintained.
10:12 AM - Mar 26, 2015
My experience with HDFC was good for the home loan I have taken. Initially they didnâ??t request for the necessary documents after which they had demanded for extra documents. I would suggest HDFC to allocate a dedicated executive to first meet the customers in person directly who is applying for the loan and also to provided the necessary documents at a single point of contact and also guide the customers well.
04:56 PM - Mar 25, 2015
The rate of interests charges by SBI Bank is very less for my home loan when compared with other banks. I had taken this loan through my Father in law and so the process was easy for me. One drawback is I had to visit another branch to submit all my documents as they agent donâ??t come and collect it from place. Overall compared with other banks SBI Bank is the best in providing their rate of interests charges.
12:49 PM - Mar 25, 2015
Whatever the interest rate that mentioned at the initial stage for home loan that was not processed at the end of the day. At that period the offered interest rate was 12% which is floating for entire tenure. In respect to charge I did not find anything great in ICICI bank as generally other banks are providing the same.
06:52 PM - Mar 25, 2015
Overall experience with HDFC Limited is good but the deal of home loan was closed from my end due to some personal issues. Everything was fine and officers of HDFC mentioned information in precise. Interest rate is much high compared to other banks so customer will be satisfied if they decrease the rate.
04:47 PM - Mar 25, 2015
ICICI Bank was quick and prompt in their service for the home loan I have taken. I got sanction letter within 48 hours and my loan got disbursed after the submission of all my documents. Everything went on smooth and I also got discounts in processing fee.
11:53 AM - Mar 25, 2015
It was a good experience with HDFC for the home loan I have taken. Initially they promised to sanction the loan in 7 days but it took nearly 15 days after which my loan got disbursed in 3 to 4 days. It would be nice if the agent comes and collect the documents at the door step as I had to visit the branch every time. And also it would be great if they help in the registration process..
06:51 PM - Mar 25, 2015
It was a very quick and easy process for the home loan I have taken from HDFC. The best part is it was not a lengthy procedure. Initially in the beginning there was miscommunication between the builder an the company and it took nearly a month to get sorted. It took 3 days for the loan to get disbursed and I was very much impressed about it.
02:54 PM - Mar 25, 2015
There was no proper response from the customer service executives of HDFC for the home loan. I think its because there are more pressurized with the customers. There was no proper response from them for nearly 4 to 5 days. It would be nice if they meet the client requirements and they should be sensitive.
11:52 AM - Mar 25, 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