the way banks run loans in india is nothing but fraud. It's best to avoid loans altogether. Follow the bible on this - do not be a lender and do not be a borrower. Live within your means.
The net income is calculated by taking your net salary minus monthly expenditure. The bank calculates the monthly expenditure based on your family size, profile, other earning member etc.
Never ever take a Home loan from ING Vysya Bank. They sell showing all their good features and then steadily increase the interest rate. I took a home loan 2 years ago at the rate of 9.5% for 20 years and now it is 11.75%. They promptly increase the interest rate on the loan whenever RBI increases the rates but never decrease when RBI reduces.they do not extend the term of the loan but ask you to pay additional payments. If you ask them to provide the details of payments to be made additional, they dont answer properly and start harrassing.
Re: home loan from ING Vysya Bank
by raorrk@rediffmail.com on Jul 17, 2011 10:41 AM
you opt for fixed rate of interest.if it is floating rate of interest,all banks do like ING is doing.i have taken 25 lacs loan abt 10 years back at 7% fixed and the still same continuing
Re: Re: home loan from ING Vysya Bank
by Anil Gupta on Jul 19, 2011 11:38 AM
Hi, I must say that you are lucky chap. These days, most of the banks do NOT offer any fixed rate of interest scheme on home loans unless they are running any promotional offers. The fixed rate, if any, is also only fixed for a certain duration like 3 yrs and then it is revised as per the current base lending rate of the bank.
Home loan should be planned much earlier in advance, and the purchase component should be more of cash and less bank loan.
Start saving money 3-5 years in advance, and make sure the EMI component is not more than 40% of your net income, any thing more than that could affect your lifestyle and long term sustainability of your loan as you need to back up money to handle uncertainities..
Re: Stupid to go for home loan at an early stage...
by potlacheruvu rao on Jul 16, 2011 10:09 PM
Yes. But very few customers understand this and they blame the bank for not sanctioning the loan as per their requirement
Re: Stupid to go for home loan at an early stage...
by potlacheruvu rao on Jul 16, 2011 10:09 PM
Yes. But very few customers understand this and they blame the bank for not sanctioning the loan as per their requirement
Re: Stupid to go for home loan at an early stage...
by potlacheruvu rao on Jul 16, 2011 10:10 PM
Yes. But very few customers understand this and they blame the bank for not sanctioning the loan as per their requirement
Re: cinematic
by sourya biswas on Jul 17, 2011 08:05 AM
Exactly what I felt after reading this. Other than the salary components issue, the article didn't address anything else.
Re: cinematic
by Abhi on Jul 16, 2011 10:43 AM
3 pages mean 3 clicks, meaning more page views meaning more revenue from advertisers. Things are not so simple as they seem mate. Everyone knows every article can be finished in one page unless its a list of Top 20 something.
One of the best informative article from Rediff. Ban those Nachappa with silly gossips about irrevalent things under the sun. This ....kudos to Rediff... Keep it up.
