Home loans - India

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Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

Lets discuss all about getting Bank loans in this thread.

Since many of us are also looking to buy plot, villas, independent homes, apt and these go in tune of 50lacs to 1Cr and above, some will be looking to get bank loans.

Lets discuss and share our experience and reference here.

- Which Bank?
- What rate?
- What's the advantage?
- Referrals
- What method to go for?
- Loans for NRI's and issues.

Members please share your thoughts and experience. Thanks
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

GGR:
----------------------------------------------------------------------
INSTITUTION MAX LOAN AMT. (Rs.) CEILING MAX. TERM ROI PROCESSING & ADMINISTRATIVE FEES EMI PER LAC FIXED EMI PER LAC FLOATING BASIS OF CALCULATION

Standard & Charter 1 Crore 85% 10 Years Floating - 7.25%
Fixed - 7.75% 0.75% 5 yrs -2016/-
10yrs - 1200/- 5 yrs -1992/-
10yrs - 1174/- Daily Reducing

HSBC 1 Crore 85% 10 Years Floating - 7.25%
Fixed - 8.00% 0.25% or Rs.5000/-
which ever higher 5 Yrs - 2028/-
10 Yrs - 1214/- 5 yrs -1992/-
10yrs - 1175/- Monthly Reducing

HDFC 1 Crore 85% 10 Years Floating - 7.25%
Fixed - 8.50% 0.50% 5 Yrs - 2052/-
10 Yrs - 1240/- 5 yrs -1992/-
10yrs - 1175/- Monthly Reducing

ICICI 1 Crore 85% 10 Years Floating - 7.25%
Fixed - 8.25% 0.55% 5 yrs -2040/-
10yrs - 1227/- 5 yrs -1192/-
10yrs - 1174/- Monthly Reducing

LIC 1 Crore 85% 10 Years Floating - 7.75%
Fixed - 8.25% 1% 5 yrs -2040/-
10yrs - 1227/- 5 yrs -2016/-
10yrs - 1200/- Monthly Reducing

SUNDARAM HOME FINANCE 1 Crore 85% 10 Years 7.75% 0.50% - 5 yrs -2016/-
10yrs - 1201/- Monthly Reducing

----------------------------------------------------------------------

This was in table format, when copied did not retain the table. But still I am posting it here so we can have a record.
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

R2I_Asif:

#2, those ROIs seem old, the ones mentioned in #3 are current.

MBM, I have taken a home loan from ICICI. One of the important things that I learnt after taking the "fixed" ROI loan is that the ROI is _not_ really fixed! As with everything else, banks ensure that the odds are loaded in their favor, always. If the fixed ROI goes up by more than 2.5%, the bank can readjust your "fixed" ROI to the prevailing "fixed" ROI. Of course, the banks didn't apply the same theory when the rates were going down.

My experience of dealing with ICICI has not been good at all. Making additional payments (pre-payments) to reduce the outstanding loan amount, is a BIG pain with ICICI, at least in Bangalore. I had to wait for over 4 hours to make the payment!!!

ICICI has an electronic machine for disbursing token numbers for various services. The token numbers for pre-payment were advancing like one in an hour whereas for other services the token numbers were advancing at a rapid pace! When finally my turn came, I asked the lady if that's their ploy to discourage people from making pre-payments, she just smiled. Additionally, you can't make pre-payments electronically, nor can you mail them the checks -- you have to go to their branch office (just one in Bangalore) to make the payment personally.

-Asif
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

Rajesh:

Never ever go to HSBC they are the worst in my experience.
It was a nightmare dealing with those guys.

Try HDFC, I guess that they have a more stable process.
There was this one guy who was very genuine, prompt in delivery timing and really very helpful while working with HDFC.
I referred two other friends of mine to him and I got positive feed back from them too..

His name is Giri - 9884375333
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

GGR:

Rajesh:
Thanks. If you happen to talk to him, please refer 'R2i' club to him. We will contact him for our requirements.

This group is great to build such 'Good database' of lawer, Insurance agent and builders (and of course R2i-chennai friends).

RRK:
In future, you may post these references in another master thread (like you have it in your home-page).
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

venkat_73:

I had taken loan from HDFC bank 3 years back. (Mount road
is their head office)

There were no issues.
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

Thanks for all posting their experience and references.

Can NRI's get these bank loans, any issues in that? Typically how long does it take for the whole process?
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

Traveller:

I took a loan from HDFC about 3 years ago and over all I must say I did not have any negative experience.

In fact, the guys came to my residence in Adyar, explained the whole process and came well prepared. After I returned to Canada, I simply faxed them the documentation and loan was to be approved after registration.

However, the actual loan approval took a long time, I kept blaming the bank for the delay only to find later that there was "villangam" with the documents. They did a thorogh job checking the titles, liens and so on, and in retrospect, I am glad they did that otherwise I would have forced the seller to register the property hastily. HDFC charges a fee to validate all the documents, and it is worth every penny.
Not sure how the other banks treat the loan processing; but I will go back to hdfc if I need to.
Ravi
Posts: 79
Joined: Mon Jan 01, 2007 9:21 pm

Home loans - India

Post by Ravi »

Vidyasankar Raman:

per #4 there is no concept of fixed ROI for the full term of the loan in india. is this true?
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