Need suggestions on Home Loan

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Last Comment 2022-11-26

2022-11-25

Need dimers assistance on home loans on following points:

1. Rate: ICICI is offering home loan of above 50 lakh with a spread rate of 2.4% (in addition to RBIPRR) and the effective interest rate comes to 8.3% (5.9+2.4). There is no prepayment charges and the refresh rate is each month. Processing charges comes to around 9000. Is this the best bargain or should I try others.

2. SBI Due Diligence: I've heard from many that SBI does the best due diligence of properties and if SBI passes the loans, the property is 100% legal. Is it still the same now or the quality has deteriorated? Does it make sense to take a loan from SBI just for this purpose?

3. Hidden Charges/Factors to consider: Any other hidden charges/factors to be considered while applying for a home loan?

4. Insurance on home loan: Please shed some light on this.

Thanks in advance.

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https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8901385

caks2006407

2022-11-25

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Point2: its not true; get the papers from builder or seller and get them verified by trusted lawyer

Even people with flats in (now)demolished Noida towers were paying EMIs even though it was declared illegal; there are many many cases like this so even if property is illegal bank is safe; those days are gone when managers were very very cautious of giving loan or getting bad name/remark

prefer BoB or SBI for transparency but being public sector processing is painful time taking

https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8901560

keviv

2022-11-25

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Thanks @ caks2006407. This is quite helpful.

https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8901945

LordGane

2022-11-25

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1. All banks converge wrt rate. Some banks are notorious to increase rates sharply e.g. LIC HFL, Axis. Besides the only difference is in existing offers like SBI time to time offers lower PF or 0.5% discount if there is a woman applicant. If you have plans to make part payments choose the one nearest to your office or home. As per RBI rules, no lender can charge for pre closing floating loans so there is nothing special in it. 2. That's spread by either lazy buyers who don't want to put efforts/money getting legal opinion from lawyers or by builders. Banks verify land titles and preliminary documents only. 3. All charges are upfront told. No hidden charges. 4. Term insurance is cheaper. But some banks like SBI don't allow it. Also consider how finance aware are your family members because you won't be there to help them! If insurance taken through bank then they help in documentation.

https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8908820

keviv

2022-11-26

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Thanks a lot @LordGane

You and desidime rock.

https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8903685

Ramta_Jogi

2022-11-25

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Is there any Standard Chartered Bank branch where you live?

https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8906231

piyupani

2022-11-26

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Does SC offer a competitive interest rate on home loans?

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https://www.desidime.com/discussions/need-suggestions-on-home-loan?page=1#post_8905821

mariagarry98662

2022-11-26

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