Glad about LIC housing finance and the reason behind is the interest rate as it is only 10.10%. Executives gave door step services and they completely cooperated. Actually I recommended already the LIC. Special quality with LIC is maximum finance and long tenure period as they are offering home loan up to 25 years of tenure.
05:53 PM - Feb 27, 2015
Actually this is transfer loan where I transferred from different bank to IDBI. Employees and branch manager are good where they guided me in each and everything. IDBI gave good interest rate for home loan but charges are too high. No problem in home loan processing but the executives forcing me to take life insurance and home insurance along with home loan so I have to visit branch and have to consult regarding the same.
03:00 PM - Feb 27, 2015
The thing is that, Axis bank was not ready to reduce the rate of interest thus unable to avail home loan with them. Interest rate is not competitive with other banks where it is high. Apart from that the executives were approachable. Axis bank should reduce the rate of interest and have to process home loan without processing charge.
11:04 AM - Feb 27, 2015
Interest rate was too high in Axis bank where they mentioned like 10.4% in monthly reducing basis. By hearing interest rate, I did not discuss about further details of processing charge and other charges. However experience was good during home loan process. Suggesting Axis bank to give competitive interest rate to customers. No issues in customer service as the executive gave all information.
05:51 PM - Feb 27, 2015
Home loan experience was good but rate of interest was high thus I planned not to go with Axis bank and transferred to some other bank. Now a days services are not that much good from Axis bank so they have to work on that. I am existing customer of Axis bank so feeling satisfactory.
02:59 PM - Feb 27, 2015
Axis bank is good and satisfied with home loan department. They took near about a month to credit the loan amount. I just availed this home loan to construct home. Offered interest rate is 10.15% and processing charge is 1%. I have no idea about partial payment option. Employees of Axis bank is good and I have good relationship with them. I took this loan in my spouse name.
10:43 AM - Feb 27, 2015
I was expecting loan amount of 18lakhs and also requested the same to Axis bank but basis my eligibility they were only ready to provide 14.50lakhs, which is not sufficient for me so the deal got closed. I donâ??t want to mock Axis bank because atleast they were ready to give 14.50lakhs but other banks were ready to give less than this. Executives were good and they handled politely. Comparing to other banks, interest rate is less and charges are normal for home loan.
04:53 PM - Feb 27, 2015
Axis bank is good but unable to go with them for home loan because builder came with better offers with different bank. Actually the bank which offered by my builder showed me the offer in EMI. To say in concise, till I get the portion of flat I no need to pay EMI for twelve months. However I not yet finalized so the deal got canceled. I stopped the deal with Axis bank before submitting all documents so not sure about interest rate and charges. Interaction and communication was good with Axis bank. Though the online service is good, Axis can improve a bit.
12:54 PM - Feb 27, 2015
I had discussed with executives of Axis bank for home loan where they informed that the property that I have chosen is old and location of property is not under the list. I informed the officers that the property is MCF approved and I were ready to provide electricity bills and other bills but they were unable to process the loan. Processing charge for home loan is very high in Axis bank than other banks.
10:10 AM - Feb 27, 2015
Property which I was ready to buy did not come under list of Axis bank and moreover it was not registered property so they could not process home loan. I got good feedback from Axis bank and they fulfilled all our queries. On the whole I am much happy about Axis bank.
03:56 PM - Feb 27, 2015
I have account already with Axis bank so my overall experience was good. Nothing went wrong with Axis bank. Actually the builder whom I associated was in connection with some other bank so I could not take home loan with Axis bank. Not satisfied with customer service of Axis bank because for inquiry I asked the executive to come my home but they did not come on committed time.
11:30 AM - Feb 27, 2015
I am holding a Home loan from Federal Bank. I have not interacted much with the customer service executives. My friend suggested me to take a loan from Federal Bank. Its been 8 years since i have taken loan. The response provided by them was very quick. Everything was perfect and the documentation was completed on an average time.
06:54 PM - Feb 26, 2015
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
EMI limited to about 50%
of monthly income
Loan capped @ 75% - 85% on property value
EMIs of other loans lower
Making your spouse a co-applicant
Choose longer tenure loans of up to 20 - 30 years
Alternatively add your parents as co-applicants
|Interest Rate (Monthly reducing balance)||10% - 10.5%|
|Processing Fees||0.5% of Loan|
|Loan Tenure||1 year to 20-30 years|
|Partial pre-payment Charges||Nil|
Plot loans offer lower ‘loan-to-value’ than home loans which means that the interest paid out will be higher. Loan-to-value offered by home loans is 80-85 per cent of property price but plot loans offer only 60 per cent of the property price the rate of interest charged on a plot loan is usually at par with the rates applicable to a home loan. In case of plot loans, a customer is not eligible to claim income tax deduction for principal repayment or for payment of interest.
There are many restrictions and conditions placed on plot loans by the bank. Banks such as HDFC restrict the loan amount based on the location of the plot especially if it is located in the outskirts of the city. Also, plot loans are not available for purchasing land for agricultural purposes. It can be used only for buying a plot for residential use, investment purposes and so on. Banks normally have other restrictive clauses that require the borrower to finish construction within a stipulated period of time.
20th February 2015
Those who’ve done it will be well aware that searching for the right home loan is a time consuming process. Keeping that in mind, the Confederation of Real Estate Developers’ Association of India, better known as CREDAI, has taken a unique initiative to simplify that task for Chennai residents by organizing a Home Loan Mela this February. The event, which will take place between February 13th to February 15th at Vijay Mahal in Pondi Bazaar, is being organized to help bring customers a step closer to building their dream house. The Home Loan Mela will feature some of the country’s leading banks like ICICI, SBI, Axis Bank, HDFC, Punjab National Bank, Karur Vyasya Bank, Oriental Bank of Commerce, Sundaram BNP PARIBAS, India Bulls, LIC Housing Corporation and more. Customers can benefit not only from the wide range of choices available for home loans but also gather valuable information pertaining to home loans under one roof at the Home Loan Mela this February.
12th February 2015
As a welcome sign from RBI for banks to reduce rates, norms have been eased for applicants seeking home loans for low-cost housing. This means you can now easily get home loans with minimal conditions. RBI has also allowed banks to provide loans in return for long-term infrastructure bonds as security. However, this new rule and minimal conditions for home loan does not apply for home loans in case the long-term infrastructure bonds is in the name of other banks.
In short, getting to the actual amount of home loan disbursed, one can expect a maximum amount of Rs 10 lakh. The loan repayment period is fixed based upon the time duration of the maturity of the bonds which is pledged as a surety for the low cost home loan. This new rule comes on the back of the RBI’s recent decision to allow money lending against long-term infrastructure bonds raised by the banks. Further, the loans against such bonds do not have to comply with the mandatory reserve requirements.
1st December 2014