Advice on home loan
Hi
I have booked a newly launched property from a grade A builder. I am planning to take a home loan of around 1 CR for the same, the builder from whom I am buying the property is strongly advising to apply through their contact person (who is a Direct sourcing agent) who has tie ups with multiple banks like hdfc , SBI, axis etc. The builder is saying that the person will help get the loan amount disbursed on time and help with documentation better. That person is recommending SBI. I also connected with a hdfc home loan department person and he is suggesting I should go through him.
Can someone please suggest whom I should go ahead with? Also which bank is better and why? Also the expected interest rates and other charges?
My cibil score is around 755. I am the first time buyer and hence unknown in this area
Any help will be much appreciated
SBI is way better than private banks. Diligence of SBI is better than other banks first of all. In case of any change in repo rate, SBI auto adjusts the loan interest rate while for HDFC, you would have to send out an application and then only they will reduce interest rates. So, there is a hassle in that way.
Got it. Is it okay to go through a dsa for SBI?. Also how is easy or difficult is the process to get loan?
Haa. It is fine to go through DSA. For us, he introduced to the SBI spoc and then the SBI guy took it forward. As such, DSA did not have commission, his agenda was to help in getting the loan sanctioned asap.
Try speaking to credit dharma. They helped me decide the home loan I should get and offer a lifetime poc for your home loan also.
I took a Home Loan with OD from bank of baroda with their help that helped me save more which the builder bank guys didn’t tell.
Remember one thumb rule, Banker and advocate should be your person and not the opposite party's. The person whom you hire will work in your favour and think about your welfare. I am preferring SBI after some thoughtful comparison