A "low interest" loan shouldn't mean you have very little interest in paying it back!
  •  Loading your search... Loading your search...
  • Home Loan Prepayment Reviews

    • Bank Bazaar Customer Support
      "Loan approval "
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar was good and the process on the website is easy and quick. I received a proper response and the team was helpful to give me details of various banks. The offers are satisfactory and the follow up calls is also up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      The services rendered by Bankbazaar has been perfect. I am happy as the response was provided on time and they were clear in giving me the details. I received follow up calls as well. The website is good and easy to navigate as well. The overall experience was really good and there were no hassles faced.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Response is good"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD has done a good job, they contacted me on time and informed me the details. I had applied for a home loan. I could not proceed ahead because I was traveling and was not in town. I postponed the the plans. Not sure on the interest rate and charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Bajaj Finserv Home Loan
      "Good. Can do better"
      0.5 3.5/5 "Pretty good"
      My home loan is from Bajaj Finserv. I am happy that they offered me a loan of 31 Lakhs. But the coordination during the process was not up to the mark. I expected the documentation process and the terms and conditions to be completely done at one shot. I had to submit the paper work one after the other and due to which the loan disbursement was delayed. The rate of interest was of 8.5% and there was a processing charges totally of 25K. There is a part payment option too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I have earlier taken a home loan from HDFC Ltd and even closed it as well. That process was smooth and I never had issues in getting the loan and the closure was easy too. The interest rate and charges was normal and the documentation was also easy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Bank Bazaar Customer Support
      "Satisfactory services"
      0.5 4.5/5 "Excellent!"
      The services at Bankbazaar has been good and the overall experience was nice all through the process. I had no issues is accessing the website and the details on it is easily understandable. The process in getting connected to the banks is also swift.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      I did not take the home loan from HDFC LTD because they were offering me a lower loan amount. They were willing to offer me only 28 Lakhs. So I went ahead with another institution who was offering me a better deal. The customer services and response was on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken the home loan from HDFC Ltd. The process went good without any challenges. Even the interest rate is good. I had received excellent customer service and response from HDFC Ltd for my home loan process. I got loan without any hassles.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 24, 2017
    • Axis Bank Home Loan
      "very irritating"
      0.5 0.5/5 "Unacceptable"
      The agents are giving wrong commitments I was informed that i will be getting pradhan mantri awaz yojna benefits while sanctioning the loan and now at the time of disbursment in am asked to give my documents again to get the loan resanctioned to avail the PMAY benifits. This means that they want the processing fee again. Very good way of making money. Never take loan from them @axis bank. If you still have any humanity or customer service left, call on 7219609021 to resolve the issue
      Was this review helpful? 0
      , pune
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD has been really good in their services and process. I had taken my home loan from them and the documentation were very much normal. The disbursement of funds were done on time and the after loan services are also good. I got a good deal on the interest rate and charges.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 24, 2017
    • SBI Home Loan
      "Easy and quick process"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has offered me a home loan as well. The process to get the loan was not much. The documentation was simple and the disbursement happened on time too. The rate of interest and processing charges was also minimal for me. I had no hassles with the after loan services.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Finance on phone Just click and tensions free"
      0.5 4.5/5 "Excellent!"
      It's very easy to contact any bank for any reqirement and also the information about best schemes were also provided. It's also shown our eligiblity. I also got a credit card before 4 2month and now also applied for a home loan Thank all for your response and the Team of Bank Bazar Best Bank service provider of India.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 22, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I really appreciate bank bazaar.com, I am filling application online and we have don't face any issue we have completed form very normal and I see the result I am very glad to use the services of bankbazaar.com. Further, I would like to recommend my friend for this site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 22, 2017
    • Bank Bazaar Customer Support
      "Service"
      0.5 2.5/5 "Just OK"
      Good services, quick response. Hope my requirements will be completed very soon. I suggest everyone to please go through the bankbazar.com for your requirements. Your dreams also will be fullfilled. Thanks to bankbazar.com hip hip hoore!!!
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Process is so easy and comfortable"
      0.5 4.0/5 "Great!"
      It was a smooth process to apply, rather visiting different bank the experience over here was wonderful.The address and ID proof works amazing also here is no other competitors for bank bazaar and also instant loan application process is amazing. Lets hope for the best service and the result were very much satisfactory.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 20, 2017
    • Axis Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The axis bank had very good communication in regards to my home loan application. They have disbursed my home loan within 3 days of time. The customer service and the response was good with Axis bank. The required loan amount has been approved and disbursed by axis bank. I am happy with the loan amount. The rate of interest of interest is nominal with the axis bank. I am satisfied with Axis bank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Home Loan
      "Very Pathetic experience with ICICI HOME LOAN Department"
      0.5 0.5/5 "Unacceptable"
      I had a very Pathetic experience with ICICI HOME LOAN Department as their employees not aware of process to be followed for home loan. They did not consider House Government Proofs. They have their own list according to which all property documents should be arranged. No Responsible employee in Kaushambi Ghaziabad branch. ICICI should take care of this. Same property has been loaned from SBI bank and PNBHFL was also ready to provide loan on same property. Very Bad Service from Kaushambi Ghaziabad Team. Take care if you approach this branch.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 19, 2017
    • Axis Bank Home Loan
      "Worst Customer Service Experience"
      0.5 0.5/5 "Unacceptable"
      The worst possible way to get humiliated is when a Bank of choice for you for the past 6+ years decides that Customer service is for Fools. I was thrown around back and forth and was ignored on around 75+ calls made during a period of the whole of 2 months since my loan got sanctioned and the Bank has no response at all. And after 2 months they come back and say We can't process the loan. Does Axis bank think the customer is taken for granted just because they invested in the eco-system? I am closing the Salary accounts and Credit Cards I hold with the bank as they have lost all goodwill from an ardent customer. So in Axis bank's terms 15 working days = 2 Months in Communication Isolation. Worst Customer Service Experience Ever.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jul 19, 2017
    • LIC Housing Home Loan
      "HIGH Interest rate and NO service"
      0.5 0.5/5 "Unacceptable"
      After 5 years of fixed rate of interest tenure, without any notification or information LICHFL started charging sky high interest, which nowhere near to market rate. When contacted they asked to pay Rs 1050 and I had to fill and submit manual form, which is added head ache. After that also the rate of interest is quite high than the market rate. Again after one and half year, they are asking to submit manual form to their office and pay Rs 1180, to correct the interest rate. This rate is also quite high than the current market rate. YOU WILL END UP PAYING MORE INTEREST AND CHARGES FOR SURE. I would NOT recommend to take home loan from LICHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Great Service"
      0.5 4.0/5 "Great!"
      It was a great service provided by you, I could compare loans terms of different banks in a single window. I need not to go any where for applying loan in my busy schedule. I will like to give it excellent, but I have uploaded my bank statements 3 times as I got some error . It would be great if I had received calls with in two hours as promised in the site, other wise it was a great service provided by them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 18, 2017
    Common Loader Icon

    Home Loan Prepayment is Rated as "Great!" by 22759 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    Holding a debt is an unwanted and distressing thought for many individuals. Any loan taken is a form of debt which needs to be repaid with the addition of interest that is applicable on that loan. Considering this, it is only natural that anyone who holds a home loan, would want to pay it off as soon as their finances have improved. Loan prepayment is defined as when a customer has paid off their loan completely or partially before the scheduled due date as specified in the policy wording. However, prepayment on a home loan, though considered by many loan takers, may not always be the best financial decision that one can make. There are multiple factors which one must consider before deciding to pre-close their home loan.

    Who can make Home Loan Prepayment?

    While a prepayment on your home loan can be beneficial for you, it is a loss for your home loan provider. For home loans, banks borrow funds based on a commitment for a long time period. When a customer pre-closes their home loan, those funds received by the bank must be re-assigned through credit channels, which is an additional cost for the bank to bear. This is the reason why loan borrowers are discouraged from prepaying their loan by the bank. One of the most common method in which banks discourage prepayment on home loans is be refusing to accept the payment unless the borrower visits the bank branch in person. However, though most people may not be aware of the fact that even if they may not be physically present at the bank branch to make the prepayment, they can do so by authorizing a representative to make the payment of their behalf. For this purpose, the representative must carry a letter issued by the original loan borrower authorizing them to make the payment on their (the loan borrower’s) behalf.

    Some Do’s & Don’ts of Home Loan Prepayment:

    Given below are a few things to remember when you are making your home loan prepayment:

    1. Do remember to carry a Government issued photo ID proof like your PAN card, Passport or Driving Licence, etc.
    2. Do remember to carry your cheque book as you will be making not only for the home loan prepayment principal amount but also for the simple interest applicable on your home loan which needs to be paid alongside.
    3. Don’t forget to mention your details like your name, contact number and home loan account number behind all the cheques which you issue to the bank for prepayment.
    4. You must remember to take the acknowledgement of the pre-payment that you’re making. The acknowledgement must mention details like the post-prepayment principal outstanding amount, remaining of the home loan duration or the new EMI. Ensure that the acknowledgement is duly stamped and signed by the authorized bank representative.
    5. In the event that your EMI payment is done via cheques and your EMI has been revised and reduced following the prepayment, then you will be required to issue fresh cheques with the revised EMI amount. Having done that, do not forget collect the previously issued unused cheques which you had issued with the higher EMI amount. This is to prevent misuse of your funds.
    6. Carry along your bank statement, of the account from which you have been making your home loan payments, for the past 6 months. This may be required as some banks might request you to provide the source of the funds for your home loan pre-payment.

    Updating Pre-payment Details in the CIBIL Database:

    One of the most important parts of the prepayment process is updating your prepayment details in the CIBIL database. Your CIBIL score is essentially a proof of your credit health and is heavily dependent on your outstanding home loan balance. Therefore, making a prepayment on your home loan can greatly decrease your outstanding balance and improve your credit score.

    While banks may be quick to update your CIBIL score hen you’ve take the loan, they may not be as efficient to update the score when you have pre-paid your loan. You must ask your bank to immediately update your current home loan account balance in the CIBIL database with the revised principal balance amount. It can normally take from 45 to 60 days for the details to be updated, counting from the date when the prepayment has been made. Do remember to go through your CIBIL report after the mentioned duration required for updating the score on the database and check if the same has been done.

    News About Home Loan Prepayment

    • RBI Grants Extra 30 days for Repayment of Loans

      The Reserve Bank of India (RBI) announced that it will be extending the repayment period for all loans up to Rs.1 crore by an extra 30 days over the original 60 days it had given borrowers, after which the accounts will be considered non-performing assets (NPAs). This dispensation will be applicable to dues payable between November 1st, 2016 and December 31st, 2016. The extension in the repayment period was provided due to the disruption in economic activity in the country due to the demonetization of the Rs.500 and Rs.1,000 currency notes.

      28th December 2016

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.