Discussion Board

4 ways to increase your home loan eligibility


Total 2 messages Pages | 1
sreeni vasan
Don't take housing loans from Housing Finance Companies
by sreeni vasan on May 17, 2013 07:02 PM

You can take housing loan from banks or housing finance companies(HFC). My advice to loan borrowers to approach banks for housing loan. Never take housing loan from housing finance companies like HDFC. Govt has given long rope to HFCs to fix any charges and penal interest even if you default 1 EMI. HFCs are not under bank ombudsman and there is nobody to approach to grievance redressal.They are enjoining the total freedom and they will not even give you a statement for mounting of the charges.Housing loan comes under Govts primary sector and I can not understand why the govt is not regulating HFCs.Under floating interest rate you may get loan on competitive rate to attract the customers, but after 1 or 2 years they will fix a rate according to their convenience and you cannot question it under any circumstances. in a 15 year term you may face some financial crisis at any point of time abd default 3 or 4 EMIs.And you will start getting phone calls, remind letters, almost every day ,legal notices and every thing is charged on your account. A letter may cost Rs 50 or more.Charges are most profitable business for them they will really enjoy it!.If you have defaulted so to say a 50000 rupees and charges will be Rs 75000 in a short time and you realise things going out of control. The tragedy is that you have no right to question it and no place to complain. Unbelievable? that is the truth.

    Forward  |  Report abuse
Vijay Kurhade
Taking big amount of HomeLoans do not make any sense
by Vijay Kurhade on May 17, 2013 05:34 PM

Its only Banks Builders and Consumer Goods companies who are making bigtime Money on Housing Boom. End Consumer or Buyer is absolutely not as this Cartel has jacked up prices like anything.

For e.g.
when one buy 75,00,000 Flat n goes for 60,00,000 loan.

By the time Loan is repaid you would have paid 60,00,000 Principal Minimum 60,00,000 Interest which comes to 120,00,000

Even if your House price becomes 120,00,000 in future you are not in Profit but Net to Net, Do not get trapped into Tax benefit gimmick.
Those who purchased properties 4-5 years back are in Profit but todays Bubble in market is scary.


BTW Today a decent locality 3BHK flat of 1500 sq ft costs minimum 1 Cr all the way upto 2.5Cr. Imagine plight of some one/couple who takes 1Cr home loan.

    Forward  |  Report abuse
Total 2 messages Pages: | 1
Write a message