Go with SBI. Better service, pre closure, spam etc

Are charges mentioned correct or is there any other hidden charge

Product Owner

Founder

Investment Manager

I will say that there is another thing which all banks hide. Ask when what are the charges when repo rate changes? Navi does it for free. 
  
 HDFC/SBI is charging for that. They will we won't charge you on call but when time comes they say you signed the agreement.

I am expecting repo rates to go down soon. So if you want to switch to lower interest you will be charged. No charges if repo rate goes up

Product Manager

Point 12 in HDFC fucked me.  
 Switch to lower rate in variable rate loan. 
  
 Upto 0.5% of the principal outstanding and undisbursed amount at the time of conversion. Plus taxes. 
  
 So careful on this point. If your loan is for 10-20 years this will hit you badly

talk to creditdharma about home loans once, Highly recommended

Software Engineer

Check other psu banks as well. they may have lesser interest rate

Sometimes processing fee can be bargained or waived off. But I think that’s when there is a offer from them

I thought SBI and other PSU bank interest rates are the lowest because they have very excruciating documentation requirements and it’s difficult to be 100% complaint. Private sector banks sometimes are lenient and services will be good but rates are higher. Here you are getting best of both worlds so HDFC seems to be the better option. 
  
 On your main question, I think stamp duty and registration is missing. Also, loan processing fees could be one more. However, all charges need to be in writing somewhere or the other in the loan agreement or somewhere else. Ask them to send an email from their official bank email ID with all possible charges right now before you take the loan, and reply to that email that you will not be paying a single rupee more than whatever is mentioned in the email.

Finance Consultant

Mostly builders of all rera approved projects will take pre-authorization from nationalized banks and NBFCs. Check with your builder once. In that case, you won't incur any legal & additional charges. 
 I went with SBI last year. Even insurance was optional. Compared to HDFC, SBI is good when it comes to pre-payment. Online, hassle free and reduces your standing principle on same day

Hardware Engineer

Need to understand which home loan charges can be bargained or are hidden and not shared yet to me. Buying almost ready property in Bangalore.  Curent charges shared with me: 1) SBI  interest  8.4 ...

Welcome to Personal Finance's Private Community

Need to understand which home loan charges can be bargained or are hidden and not shared yet to me. Buying almost ready property in Bangalore.

Curent charges shared with me:
1) SBI - interest - 8.4 %
Legal and valuation ~ 5.2k
Property Insurance ~ 15k one time mandatory as per bank 
MOD - 0.3%
2) HDFC
interest - 8.3 %
Processing - 2 k
Property Insurance ~ says later bank will call, it is optional
MOD - 0.2%

Home loan charges

Home loan charges- Grapevine

Hi all,
Has anyone of you recently taken a home loan from PNB with the Max saver facility? Is it useful?
Or loan from any other bank then please give your inputs.
Thanks much

Need help in deciding home loan

Software Developer

People with home loans comment your current interest rate

Should i buy a 3 bhk in Bangalore which is of 1.5cr or 2cr, and pay the Emi for next 10-20 years. Or i should consider some other alternatives.

Should I invest in buying home in Bangalore ?

Welcome to Fintech India's Private Community

Asking from people who consider that one should strive towards owning a house (or an even stronger stance that not owning a house is not an option for them).

Really want to understand their POV. 

Why are you comfortable taking 15-20 year loans for the dream of owning a house?

Owning a house, what's the appeal?

Business Analyst

I recently came across one of the videos on YouTube that talked about Loans against mutual funds.- https://www.youtube.com/watch?v=lK7KuMzRm8U&t=3s 

Overall this product looks very convincing & it is so true that people sell their mutual funds when they require funds to make a downpayment on a House/Car.

The ROI is so low & this is an Overdraft, so no foreclosure fees for this loan & the best part? The process is super smooth of few platforms like Volt Money.

I am convinced that it's a good product & want to avail for some personal reason.

Want to check if anyone has used this & they are also positive about loans against mutual funds?

Has anyone availed Loans against mutual funds?

Category Manager

Hey all! Quick question – who here has a housing loan and what are your interest rates? I got mine during COVID at a decent 7.4%, but now it's up to 10.52%. 😵 That's quite a hike, especially when I look at what other banks are offering. I'm thinking about switching. Anyone else gone through this or have any advice?


PS: I did ask my bank to cut me some slack, and they dropped it from 11.10% to 10.42% once. But now, it's crept back up to 10.52%. Would love to hear your thoughts or if you've dealt with something similar!

Housing Loan Rates Got Me Thinking 🤔

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

Advice on home loan

Sales Manager

Anybody who has recently bought any land or plots in North Bangalore, can you please share your experience? How did you do the research and finalize the project? How much did you buy for? Did you pay full from savings or take plot loan? Any guidance would be helpful.

Land/plots in North Bengaluru

I am planning to take home loan of 30lakhs for 2BHK flat. My starting EMI expectation is 25k per month. Please suggest on managing it going further or anything  to consider (like tenure, interest, Bank) before taking.

Any suggestions that helps

How to manage Home Loan Smartly.

I have avoided SBI always in the past. Even few days back, someone here on GV bashed SBI when he had to wait 3hr for account opening. But the prospect of being defrauded and shortchanged for loans, with random charges added and preclosure being a pain, I am dreading to interact with Private banks and NBFC's.

I haven't had the experience of servicing home loans/personal loans with HDFCs or other banks yet. But I was planning on getting a personal loan this month and HDFC is offering very competitive rate of 11%.

Do you guys have any reviews on their service whenever you have needed something adhoc?

Deposits and Credit cards from HDFC, but borrow only from SBI

Hi all,

This is in response to a survey I found on the app, where people voted mostly on reducing Tenure by prepaying their home loans.

As someone who works in lending myself, and in the light of the funding winter extending a few more Quarters, I would urge people to shore up their finances and keep control of your liquidity.

Be very careful when prepaying Home loans:
1. Loan is a service for which interest is a cost. The deciding numbers to prepay are the differential interest outgo (Loan rate-Debt fund rate) / 12 as a proportion of your monthly expense. It comes to around my monthly 1700 Rs for 10L of outstanding. 
2. DO NOT look at the total interest outgo. That is a misleading figure. Prepaying loan to save total interest over 10y is like selling your car 10y earlier to save parking costs or selling your TV to save Netflix charges. 
3. Prepaying is irreversible. If you run into cash crunch later, most probably, your financial standing and ability to get loans would decrease. Better to not prepay and enjoy the flexibility. 

Posting the parent link below.

When part prepaying home loan… - Grapevine.in

Do Not Prepay Home Loans!

Planning to buy a house. I'm confused about what should be the max price range I should be targeting for. I was okay with going till 2 cr since I would be able to do 40% down-payment and take loan for 15 years whose monthly EMI wouldn't be more than 1/3rd of my monthly in hand salary. 

But after talking to few folks, realized that people are actually okay going for costlier properties. 

People who bought house in last 3-4 years, what % down-payment did you do and what % of your in hand salary is your EMI?

Home loan charges

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