Home loans for NRI\'s

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rajaram9
Posts: 2
Joined: Fri Feb 08, 2008 8:56 pm

Home loans for NRI's

Post by rajaram9 »

Can the experts on this forum start off a discussion on the subject with pros and cons of the private banks vs public banks .

Thanks,

Raj
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rajrat
Posts: 3
Joined: Sat Jan 19, 2008 12:06 am

Home loans for NRI's

Post by rajrat »

Good topic. We should see some good discussion
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vavilalan
Posts: 8
Joined: Fri Dec 07, 2007 12:49 pm

Home loans for NRI's

Post by vavilalan »

I recently had to approach some private and public banks...here's a quick analysis..
Public banks offer interest rates that are atleast 1% -1.5% lower than private but the plot/building/flat have to have all the permits, approvals etc.
Private banks go a little easy with regularisation and approvals but charge a bit more. Again in private banks all of them vary in upfront processing fee and interest rates. I have decided to go with ICICI bank as one of the floor is not approved yet.
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investor
Posts: 3
Joined: Sat Jan 13, 2007 2:03 am

Home loans for NRI's

Post by investor »

In my opinion if you require a loan for the time being and you would be in a position to repay it faster, you need to find out the the other terms which really does not meet the eye. EMI is not the only indicator to compare between the facilities. The most important aspect is if there are any charges for pre-closure or early part payment. Some institutions charge a percentage on such pre-payments which would render it useless to do so.

Added advantage of getting a loan for buying property is that the documents are scrutinised by professionals which will secure your proprty. However, knowingly opting for an unapproved plan is in my opinion inviting trouble, sincethe authorities are being very strict I understand in such practices.::emdgust:
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vavilalan
Posts: 8
Joined: Fri Dec 07, 2007 12:49 pm

Home loans for NRI's

Post by vavilalan »

investor;79960
Added advantage of getting a loan for buying property is that the documents are scrutinised by professionals which will secure your proprty. However, knowingly opting for an unapproved plan is in my opinion inviting trouble, sincethe authorities are being very strict I understand in such practices.::emdgust:[/quote]

I reason I went ahead because govt has regularised and we need to pay the calculated amount as per the sq ft built. If not I would not have gone ahead.
Atleasr the banks that I have enquired (ICICI, Canara, SBI, SBH, HDFC, Sundaram) do not have pre-payment penalty as in USA, you can pay off any time.
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gabbar007
Posts: 105
Joined: Wed Jan 03, 2007 6:49 am

Home loans for NRI's

Post by gabbar007 »

rajaram9;79838Can the experts on this forum start off a discussion on the subject with pros and cons of the private banks vs public banks .

Thanks,

Raj


Could people who took home loans recently share, the good, bad and the ugly. What are some of the better offerings in the market?

-g
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paduraj55
Posts: 2
Joined: Tue Jan 09, 2007 2:06 am

Home loans for NRI's

Post by paduraj55 »

The HDFC guy who processed our home loan gave us a 25 points less than ICICI and also most importantly with fabulous service, he co-ordinated all the efforts between me and the builder. I'm confident that you too will enjoy his service.
I would like to thank him by refering his service to others.
his name is Giri Radhakrishnan
Mobile - 98884375333
Email - "Giri Radhakrishnan" ,
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infydude
Posts: 7
Joined: Wed Feb 06, 2008 8:58 am

Home loans for NRI's

Post by infydude »

i am thinking of taking a loan for a flat. I have never taken a loan before.

For a loan of 50 lakhs fpor a flat what is the typical interest rate and EMI I will need to pay ?
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gabbar007
Posts: 105
Joined: Wed Jan 03, 2007 6:49 am

Home loans for NRI's

Post by gabbar007 »

paduraj55;80019The HDFC guy who processed our home loan gave us a 25 points less than ICICI and also most importantly with fabulous service, he co-ordinated all the efforts between me and the builder. I'm confident that you too will enjoy his service.
I would like to thank him by refering his service to others.
his name is Giri Radhakrishnan
Mobile - 98884375333
Email - "Giri Radhakrishnan" ,


Which city is Giri based in?
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rajrat
Posts: 3
Joined: Sat Jan 19, 2008 12:06 am

Home loans for NRI's

Post by rajrat »

If u take a loan when does the EMI payment start
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