Re: Home loan from State Bank WITHOUT Guarantor
by Raghunathan N on Aug 03, 2011 08:59 AM
And regarding this Loan cover policies, you may find better pure term policies which gives the same cover for a lesser premium.. The best part here is, if something happens after some years, there can be some balance amount which your nominee can get (after paying back the then existing loan balance), whereas the loan cover policy only cover the loan balance.
Approach to private bank like IDBI, ICICI, HDFC etc. for home loan. They don't require any guarantor. I have home loan from IDBI Bank without any guarantor 6 month back.
While taking a Home Loan the primary security to the loan is the property purchased out of that loan. The Gurantor is taken only in the cases where the Customer is either having too many installments but still is eligible for Home Loan or where any deviation in the Credit norms are given. The bankers or Finance institutions giving insurance is just the cross selling of the product and is not compulsary any Bank or Financial institution cannot deny a loan on the grounds that customer is not purchasing the Insurance from them. But if we think other way that insurance is safe guarding the Property from the future problems arising due to Death or Permanent Disability of the Primary loan A/C holder.
I took a Home Loan for my second flat, from Bank of India, without a guarantor, as the flat is Hypothecated to the Bank till the tenure of the Loan. Secondly, under their advice, I insured the Loan so that in case anything happened to me, my wife would not have the burden of paying the Loan back. Certainly, the Loan officers who are well versed with all the terms and conditions and circustances, help you where you are a genuine borrower!
I think one should go for HDFC LTD for home loan as there is no guarantor and also they are reliable. if one is confident of repayment then there is no difference to Pvt and Nationalised Bank.
