I would like to share my experience with SBI Home Finance. I was trying to switch my Home Loan from another Bank to SBI.
1] Summary - SBI Home Finance has not changed much from the older days of babu-dom. It apparently has no interest in offering loans to customers. Customers have to run after them, pleading, proving, pleasing them to get the loan application passed. You as a customer will not get correct information from them in the process , leave aside any help to get the loan sanctioned. The demands of the Bank are irrational. The Bank is still living in the days of babu-dom and requires tons of documentation., most of it is unnecessary, esp in switch cases. The Bank is keen to reject your file, on the slightest pretext, if one of these useless documentation is not present. They will make least effort to work out our loan. If the loan does not work out, it is your problem.
3] My home-loan amount is 7.7 Lacs. The value of the house now is 50 L. The SBI wants a guarantor for the loan. This is unnreasonable.
4] It wants Guarantor from the same city. Guarantor from Mumbai is not acceptable, though it has branches in Mumbai. This indicates lack of integration and centralization in the bank.
5] The information given by SBI was not complete at any given point. 4 iterations took place, and I ended up submitting "4" files, expanding the whole process to 4 months. The SBI Front Executive
Hi, I am looking for a home loan. I have approached HDFC and Indian Bank. HDFC ia offering me the loan at a Floating Rate RPLR of 10.5% and Indian Bank at BPLR of 9.5%. So what is the differnce between the two and which is the better option?
in the month of dec06 ,i got offer from idbi bank for the home loan at interest rate 9.5%. when i went their office for documentaion signing in the month of jan 07 ,i got home loan sanction letter at interest rate of 9.5%. really i have got shocked for high amount of emi. what to do.
iam also looking for an homeloan, but its very difficult to get it.they ask for such a document which u dont have, and after listening to all comment iam feeling very afraid to take the loan..can anyone suggest me or me the right path.
Just 3 months back i was desperately looking for a loan, after enquiring with all the banks i found HDFC is a better option. I took 26 lac @ 7.5%, its fixed. I got first disbursement of 10 lac at the same interest rate as they promised. Recently, ie in July i got 2nd disbursement of 1 lac and suddenly i got intimation letter from the bank saying that i need to pay the EMI for the month of July with 8.4% rate of interest..Really, it was a big shock. When i asked bank manager they told, they enquire it and get back to me but still nothing is happened. I already paid on e installment of pre EMI with 8.4%. It would be great help if someone suggest what is to be done...
repayment
by sumit on Dec 08, 2005 03:36 PM
well.. your rite. you can alwaays shift from fix to float if rates go down. but you must take into consideration the repayment charges. some banks may charge as high as 3-4% of remaining priciple amount as repayment charges & other administrative charges that your new bank may charge. all that forms a part of loan cost in totality.
What I think, its better to go for fixed rate. Review after 2 years, in case rate will drop, better go for loan transfer with other bank. There may be a scope to enjoy additional benefits also.
