THIS IS THE WORST TIME TO GO IN FOR ANY KIND OF HOUSING LOAN.
ACCORDING TO DNA FRONT PAGE NEWS, 12000 FLATS ARE BEING REPOSSESSED BY BANKS DUE TO DEFAULTS IN PAYMENT OF EMI.
MARKET IS COLLAPSING TOO.
ONLY A FOOL WILL BORROW NOW TO BUY A HOUSE AT TODAY'S HIGH PRICE WHEN PRICES ARE GOING TO FALL DRASTICALLY. HOPE THE WIVES CAN PERSUADE THEIR FOOLISH HUSBANDS NOT TO JUMP INTO THE FIRE
People have lost faith on private banks as in almost every transaction people are kind of cheated. Floating rate interest or fixed interest people are also cheated by twisting statements.
Private banks are still taking for ride their existing customers.
HDFC and ICICI are the giant private banks in india who lured a lot of customers and now are taking every penny from them. They are the last to slash rates and that too a very nominal cut.
Thye have started with a new business of providing schemes for existing customers to reduce their interest rate by paying upfront a spciefied sum (this does not reduce your prinicipal amount, it is just profit booking by the banks)
I will urge all prospective loan buyers to go and look for public banks.
Re: Still the rates are vey high
by NEELAKANTAN R on Mar 24, 2009 10:17 PM
Dear friend,
I do not agree with you. I am a suffer of getting a house loan sanctioned by SBI - a leading PSU bank. One man is leave nobody touch paper. For each and every thing you have to run between pillar to post. Now I am facing a problem for reduction of EMI due to lesser availed loan. I am running between branch and Central processing Zone for the Past two months. Nobody to help. Since you strongly recommend PSU bank, could you please help me in this issue. If yes I will provide all details to you. It will be very helpful for me.
Re: Still the rates are vey high
by SOSO MOMO on Mar 24, 2009 09:40 PM
HDFC means Housing Development Finance Corp and not its banking arm the HDFC Bank.
