A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Bad Credit Home Loan Reviews

    • Bank Bazaar Customer Support
      "Home Loan application is experience is very easy and good.."
      0.5 5.0/5 "Blown Away!"
      Awesome experience at Bankbaaar.com. The process for applying the online application loan is very easy and it is very much flexible too. It took only 10 minutes to apply an online application instead of going to bank and standing in Queue. Definitely I will recommend this site to my friends and colleagues too.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 27, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have received a home loan from SBI on 2013. I got the SBI home loan within 10 to 12 days of time. I am happy about the loan amount. The rate of interest was low, when compared with others. The customer service with SBI is really good. I am satisfied with the home loan service offered by SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 27, 2017
    • ICICI Bank Home Loan
      "Need Transparency in the process"
      0.5 3.0/5 "Satisfactory"
      I have got the ICICI bank home loan around 12 years ago. The executive has promised that they will offer the loan with flat interest rate but in documents I found it was a floating interest rate. ICICI need to stick on their promises. The rate of interest is nominal at present. ICICI can still increase the loan amount. I am satisfied with the ICICI bank service.
      Was this review helpful? 0
      , varanasi
      Reviewed on Jun 27, 2017
    • Bank Bazaar Customer Support
      "Home Loan"
      0.5 5.0/5 "Blown Away!"
      Hassle free and easy. I tried for home loan from ICICI and everything was done through online. Great customer support. I'm really happy with their process and really appreciate the overall experience with Bank Bazaar. Thank a lot Bank Bazaar for helping me and I leave a message for future customer to rely on them and just go for it !!!
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 26, 2017
    • Bank Bazaar Customer Support
      "HL Balance transfer facility"
      0.5 4.5/5 "Excellent!"
      Great website to check the offer for multiple banks in a single page. Also it supports in calculating the EMI with multiple options to know about the EMI with loan amount, duration, and interest rate and it also gives an option to make a reverse calculation and identify the required EMI/Duration/Rate of interest by giving other parameters as input,
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "AMAZING"
      0.5 4.5/5 "Excellent!"
      Very simple and fast process as I experienced. I think it is better option rather than approaching offices for applications and validating it etc. You can access the review as well compare it with the proposals of other agencies. You can opt for the best option.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Better "
      0.5 5.0/5 "Blown Away!"
      It was a good experience with bankbazaar, I am using it from the last two months of time, also its my first time experience. Service and other aspects are good one with the Bankbazaar.com. Response is the best with them, also they are providing the feedback based on my queries.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 24, 2017
    • HDFC Limited Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have postponed my plan due to some other personal reason with the HDFC limited for the home loan. I would like to say that the rate of interest was a kind of okay for me on that time . Customer service and other things are good one with the HDFC limited.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 24, 2017
    • HDFC Limited Home Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      I had availed home loan from HDFC ltd. I had got this loan for 18 lakhs. And the interest rate in the beginning was around 9.50% after which I put an application to reduce the interest rate, hence they reduced it further to 8.50%. There were no challenges with the bank during the entire loan process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 24, 2017
    • Bank of Baroda Home Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I have got the home loan with the Bank of Baroda and the interest rate is around 8.35%, also the loan amount got disbursed in couple of months of time. Document collection is like a kind of lengthy process. Processing charges were not okay for me, also they lack when it comes to transparency. They advised me to take the mortgage, which does not applicable with any other banker.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Awesome"
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com is a good one, they have so many wide options, also the services are really good one for me, also they are providing the maximum accuracy , while it comes to the matter of interest rate. Customer service and other things are the best with the Bankbazaar.com.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
    • Indiabulls Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      I had an issue with my existing bank and that issue got resolved, so I have not dealt with the Indiabulls as of now. Rate of interest was around 8.5% with the Indiabulls for the home loan but that was on the paper. Customer service was good one, also they have followed on time and again. I would like to say that the bankers should stick with the commitments, especially when it comes to interest rate.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
    • HDFC Limited Home Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      HDFC LTD has provided me the home loan with ease. I did not have to follow much on the process. I got the loan on time. The verification went well too. The institution is very high on the interest rate and the processing charges are also very high.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Immediate response"
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com have contacted me within five to ten minutes of time, also the response is very prompt. They have forwarded the information to the bankers on immediate basis. Customer service is good and the website is easy to access.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      HDFC limited have contacted me after sometime from the time of inquiry for the home loan. Rate of interest was around 8.5%, which was bit huge one for me , also I am okay with that. Customer service and other things were good only.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Centralized online portal to make the comparison"
      0.5 3.5/5 "Pretty good"
      Bankbazaar.com is good thing like I can make the comparison of every bankers relating to the financial requirements. I would like to say that they could make the information to be get forwarded to unique bank only, which customer is really opted. Online portal of the Bankbazaar.com is an average one.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Service to be get improved"
      0.5 1.0/5 "Really Bad"
      Nobody have contacted me from the HDFC limited for the home loan, which I have inquired. Rate of interest was around 8.6%, also I am okay with them. In future, I would like to go ahead with them in future and I request them to contact the customer as soon as possible.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Fantastic "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very good and am using it from the last two to three years of time. I would like to say all the current scenario of the financial market can be understand through the Bankbazaar.com, also the online portal is very much easy to access.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I did not taken the home loan with the HDFC limited because I have already arranged the funds from my end. Customer service is very good one and the response is also good one. The rate of interest was around 8.5% with the HDFC limited, also I am comfort with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very helpful and they have contacted me for many times, also in future I would like to go ahead with them only for the financial requirement. Response and other things are also fine one with the Bankbazaar.com.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
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    Bad Credit Home Loan is Rated as "Great!" by 22643 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Buying a house and settling down in life is perhaps one of the dreams shared by most people. It will be difficult to find an individual who would not like to stay in his/her own house. However, the prices of apartments, flats, villas etc. are very high in most places across the country. Hence, most people cannot afford to purchase a house for themselves with their annual income or savings and they have to apply for a home loan to purchase the house that they desire. These days, there are numerous private and public sector lenders in India who offer home loans to consumers.

    Overview of Bad Credit Home Loan:

    In order to be eligible for a home loan, people need to have a good credit score. However, many a times people do not do not have a good credit history as they fail to pay off their debts due to financial troubles. There is no doubt that people with bad credit find it very difficult to get a home loan. The banks and financial institutions consider them as high risk and are reluctant to offer them with credit. Hence, such people have to look for alternative ways through they can acquire the required finances for buying a house. Even though it is difficult, it is certainly not impossible to get a home loan with bad credit.

    How to Get a Home Loan with Bad Credit?

    If you have a bad credit score, the first thing you need to do is try to pay off your debts so that your credit score will be improved in the long run. If your husband/wife has a good credit score, you can apply for a home loan jointly with them as it will increase the chances of getting the loan approved. If you have defaulted on a loan or credit card, reach a settlement with the bank or financial institution and pay off the settlement amount and obtain a No Objection Certificate (NOC). When you have obtained the NOC, it will be easier for you to apply for a home loan. Besides, make sure to check your CIBIL score to ensure that there are no discrepancies and that it correctly reflects your up-to-date credit history.

    The best way to get a loan with bad credit is to approve the bank with which you have savings account and deposits. As you have been their loyal customer for a while, they will be more likely to offer you with a loan. Also, it will be more advantageous if you have a substantial amount of assets with them in the form of account balance, Recurring Deposits and Fixed Deposits, etc. They are more likely to offer you with attractive interest rates as well.

    Advantages of Bad Credit Home Loan:

    The different advantages of bad credit home loan are listed below.

    • It will help you to obtain the required finances for purchasing the house that you desire.
    • It will offer you with the flexibility of paying off the loan amount through easy monthly installments (EMIs).
    • It will allow you to pre-close the loan and pay off the total loan amount by making a lump sum payment.
    • It will help you to improve your credit score, if you make the EMI payments on time.

    Disadvantages Bad Credit Home Loan:

    The biggest disadvantage of opting for a home loan with bad credit is that you will be required to pay a higher rate of interest on the loan. Moreover, the fees and other charges associated with the loan will most likely be higher for you. Given the fact that obtaining a home loan with bad credit is very difficult, these disadvantages can certainly be ignored by the borrower. The alternative is to apply for a loan only after improving the credit score but that can take a long time.

    Things to Remember When Applying for Home Loan with Poor Credit Score:

    A bad credit home loan will surely offer you with a lot of advantages. However, it does come with a lot of risks. If you do not make the payments on time your credit score will become even worse and you might find it impossible to obtain credit after that. Hence, you will need to be very careful and ensure that you pay the loan EMIs on time, without fail. You can opt for auto-debit and keep your bank account funded in advance so that the EMI can be automatically debited every month from your bank account.

    FAQs about Bad Credit Home Loan:

    1. How can I calculate the EMI for my home loan?

      You can take advantage of the EMI calculator available on Bankbazaar.com to calculate the EMI for your loan. Just provide the required details (interest rate, tenure etc.) and calculate the EMI in seconds.

    2. How is the interest rate calculated for bad credit home loans?

      The interest will be calculated based on your credit history, total assets and liabilities, annual income and other relevant factors.

    3. What are the documents required when applying for a home loan?

      The documents required will vary from one lender to the other. In most cases, documents such as address proof, income proof, identity proof etc. are required.

    4. How to apply for a home loan online?

      You can apply for a home loan online on Bankbazaar.com. Under loans, click on ‘Home Loan’ and then you can apply for home loans with any of the bank/financial institution of your choice.

    5. How can I enhance my eligibility for home loans?

      To enhance your loan eligibility, you can apply for the loan jointly with your spouse or children, provided that they have a steady income and a good credit score.

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