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

    • Punjab National Bank Home Loan
      "PNBHFL Review"
      0.5 1.5/5 "Bad"
      Not a good experience. No proper communication once loan agreement is signed. One of the disbursement got 1 month late for which late payment charges was applied to me. I have got sanctioned loan of 34 lacs and policy was included with 1.5 lacs amount saying that its free of cost. But this amount got added to total loan amount ie 34 + 1.5 total 35.5 lacs. So I will be paying return on 35.5 lacs.
      Was this review helpful? 0
      , thane
      Reviewed on Aug 17, 2017
    • LIC Housing Home Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have got the Housing loan from LIC housing loan. They have disbursed my loan within 15 to 20 days. The response they gave was very good in regards to my home loan application. The rate of interest was comparatively equal with the other banks with LIC HOUSING FINANCE.
      Was this review helpful? 0
      , kota
      Reviewed on Aug 17, 2017
    • LIC Housing Home Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have got the Housing loan from LIC housing loan. They have disbursed my loan within 15 to 20 days. The response they gave was very good in regards to my home loan application. The rate of interest was comparatively equal with the other banks with LIC HOUSING FINANCE.
      Was this review helpful? 0
      , kota
      Reviewed on Aug 17, 2017
    • Citibank Home Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Citibank has been good in the home loan services and to get this loan through, it was a easy task. I never faced any inconvenience to get the disbursement and even after the loan was disbursed. The interest rate and charges are also normal. Services are good in all.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 16, 2017
    • SBI Home Loan
      "Home loan"
      0.5 5.0/5 "Blown Away!"
      Thankfully SBI has offered this housing loan to me. Being a joint account holder, I am very much happy in taking the housing loan, my income was very less but they some how helped us which is the best part. Special efforts were actually taken by them they suggested stating that they can offer the loan by clubbing wife and husband's income so that we can take the loan easily . I am happy with the rates offered as it was floating . To conclude, I am completely happy with their service.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Aug 16, 2017
    • HDFC Limited Home Loan
      "Not Good"
      0.5 1.0/5 "Really Bad"
      I had gone through some issues with HDFC limited when I was taking the home loan. Because, they made me to pay for 3 EMIs. Which is not at all required. I felt that I had paid some more charges as a processing fee and other irrelevant charges. Even I do not have any property insurance, but they had forced me to pay for insurance. I am not at all happy with HDFC Limited.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • SBI Home Loan
      "Need an improvement"
      0.5 1.0/5 "Really Bad"
      In the market other banks are providing home loan to a gram panchyat property but SBI is not providing the home loan. My property located in Channanagar at Hyderabad but SBI have rejected my application, their loan norms are very strict and they asking lot of documents with heavy paper works.
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      , hyderabad
      Reviewed on Aug 16, 2017
    • ICICI Bank Home Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied Home loan with ICICI bank. They are fast in their process, they fixed an appointment to collect the documents after that they told the required documents were missing so that was the reason I haven't proceed with ICICI bank. The rate of interest is low when compared with others banks.
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      , bangalore
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Good "
      0.5 5.0/5 "Blown Away!"
      It was a good experience, I enjoyed it and I will let other customers also know more about bankbazaar and I will also refer the same process to others to get the loan . Hope further things will also be smooth and processing fees should be made less by Hdfc bank .
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      , kanpur
      Reviewed on Aug 14, 2017
    • Bajaj Finserv Home Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      My home loan was approved within minutes by Bajaj Finserv. The customer services are good and the overall experience was nice. I been a very long time customer of this company and I have always got the best of services. The interest and rate and charges are normal.
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      , ghaziabad
      Reviewed on Aug 14, 2017
    • Bank Bazaar Customer Support
      "For home loan"
      0.5 4.5/5 "Excellent!"
      It's very easy to process the home loan ,I am very satisfied with bank bazar app ,very good. Customer care service is very helpful and quick service was provided with in 24 hours ,it's really good and comfortable service that I received from bank bazar.com Thanku bankbazr
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      , kolkata
      Reviewed on Aug 13, 2017
    • HDFC Limited Home Loan
      "Poor Service"
      0.5 1.5/5 "Bad"
      Very poor service. They claim to be transparent on the process and commitment , however, have a very poor support. @Sector 62, Noida branch. Till the time processing fees is not encashed, all is good, after , complete turn around on the attitude and response. You can be even cheated after commitment done.
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      , gurgaon
      Reviewed on Aug 13, 2017
    • Bank Bazaar Customer Support
      "Excellent service"
      0.5 4.0/5 "Great!"
      Bankbazaar provides complete service. The comparability option is very good in bank bazaar website, I would say it helps to choose the best product in the market. The website of bank bazaar is easy to use and user friendly, I am happy with bank bazaar service.
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      , pune
      Reviewed on Aug 12, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      The Overall process was very good from SBI home loans, The executives are really good and they were updating me the status on time to time. They have disbursed my loan within 2 weeks of time. I am happy with the loan amount . The rate of interest is nominal with SBI. I am satisfied with the SBI service.
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      , pune
      Reviewed on Aug 12, 2017
    • review Home Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      Got home loan from Equitas housing finance. They have approved the loan amount around Rs,10lakhs based on my documents, they have promised that they will release the documents to make the account as current account. The rate of interest is high when compared with others.
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      , dindigul
      Reviewed on Aug 12, 2017
    • Axis Bank Home Loan
      "Very worst service"
      0.5 1.0/5 "Really Bad"
      I have applied home loan with Axis bank , they told that I am eligible to get loan upto 12lakhs but I have asked only 10lakhs, Axis bank has sanctioned my loan, But they never released the loan amount, by saying that I had back log with ICICI bank.
      Was this review helpful? 0
      , dindigul
      Reviewed on Aug 12, 2017
    • review Home Loan
      "Satisfied with the services"
      0.5 5.0/5 "Blown Away!"
      Canfin homes Ltd is good in the process. I have taken a home loan and I had no issues in getting the loan and also after the loan was disbursed. The interest rate and processing charges is also reasonable. The documentation is nominal and hassle free.
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      , tirunelveli
      Reviewed on Aug 12, 2017
    • Bank Bazaar Customer Support
      "Excellent platform and user friendly site for home seekers"
      0.5 5.0/5 "Blown Away!"
      I felt very nice and happy to see user friendly interface and hassle free process. This is really a great website which is like an angel to many home seekers like me. Today I visited the site in the morning and within one hour I am able to see great quotation. Thanks to all of you.
      Was this review helpful? 0
      , silvassa
      Reviewed on Aug 12, 2017
    • ICICI Bank Home Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      As per the market, ICICI gave me best interest rate for the home loan, initially I don't want insurance but they took the amount from the disbursed and they return the money back. I took the home loan of Rs. 32 lakhs for the tenure of 15 years. I am really satisfied with their service
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      , hyderabad
      Reviewed on Aug 12, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar helped me to choose the financial product and in understanding them with thin the service time. The website of bank bazaar is easy to use and user friendly,. The user interface is good with bank bazaar , I am comfortable using bank bazaar service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 12, 2017
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    Bad Credit Home Loan is Rated as "Great!" by 22942 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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