8 years ago MithiAmmaKeymaster
My search for a home finally ended and we have narrowed on buying a property.
So the next question would be getting a home loan. After many enquiries, i have the following lists
Could you please let me know which one to go for in the above list and if possible provide their interest rates too
Any other banks(as per your exp with them) suggestions are also welcome
8 years ago AmalaKeymaster
I would suggest SBI and HDFC..rates dont know..
8 years ago AkhilaKeymaster
Please go with any nationalized banks.. PRivate banks tend to increase their rate of interest as and when they please.. I took a loan with ICICI 3-4 years for a period of 20 years.. They ended up increasing my loan for 28 years.. Currently getting that shifted to a nationalized bank.. Though there is a lot of paperwork with Nationalized banks and there is a delay and you may not get that pleasing words from the officers whom so ever you meet, the interest rates are far better than private banks..
SBI – 8.5%, HDFC – 9.5%,LIC – 9.95%
Check this link out..
8 years ago bunaKeymaster
SBI is with good interest rate as of now & though their verification process might look tough , it is favouring the loan borrower only because they verify all petty details also carefully , so the documentation of the property will be excellent (when we purchase a property though we do get the EC & legal opinion we are not very good in checking all points of a property not to have any problem is it not . SBI check EVERY detail , i.e they work for US ) . But one catch is , if you want to close a loan before the term is completed U need to pay 2 % as loan pre-closure amount . In LIC they allow you to pay the loan amount any time in the middle also & allow you to close the loan after half the term without penalty .