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Banks Review: Share your experience

Discussion in 'Hangout' started by ramjn, Dec 5, 2012.

  1. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    I agree that SBI is the best but their processing is pretty tedious which is making me run away from them. they take 4-6 weeks for approving.
    in current scenario, on researching i found that HDFCs rates are only next to SBI, .2 % more. Axis banks' is .1% more than HDFC. Another advantage with HDFC is that they are ready to finance the registration charges also unlike SBI.
  2. Ravi

    Ravi Staff Member Janitor

    Messages:
    6,001
    Bangalore
    Grande Punto 1.3
    HDFC is very good to offer rate for new customers. Try to find out what is rate for existing customers.
    Axis is little better, and there is no closure charge, even if you re-finance from other banks. HDFC has this.

    Never go for LIC, horrible company.
    1 person likes this.
  3. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,243
    Chennai
    Linea 1.3
    I have my Home Loan with HDFC. Hassle free and transparent. SBI rate may be little less than HDFC.
  4. Ravi

    Ravi Staff Member Janitor

    Messages:
    6,001
    Bangalore
    Grande Punto 1.3
    What is the rate of interest you are paying ramesh?
  5. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    Almost all of them including HDFC have removed pre closure charges now . Not sure about bank re-finance though!
    That will be a useful piece of information!
    Last edited: Jun 11, 2013
  6. fiatlover

    fiatlover Esperto

    Messages:
    1,599
    Bangalore/Kasargod
    Bangalore
    Grande Punto 1.4
    If you are finding it difficult with the tedious, time consuming process in SBI, go with a private bank, then, after completing one year or so, switch to SBI. Since the documents transfer is from bank to bank, it will be hassle-free.
  7. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,243
    Chennai
    Linea 1.3
    Currently, my ROI is 10.15. Don't know if this good or bad. :)
  8. fiatlover

    fiatlover Esperto

    Messages:
    1,599
    Bangalore/Kasargod
    Bangalore
    Grande Punto 1.4
    I am in the market for a home loan and HDFC tells me that they can offer a rate of 10.2%. They are following up with me almost every week!
  9. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,243
    Chennai
    Linea 1.3
    When I took the loan, the rate offered was 9.75. And over a period of time, the rate shot upto 13%. HDFC provided a scheme under which we can bring down the current ROI by paying a nominal charge (usually 0.5% of the outstanding principal amount). That is how I brought down the ROI to 10.15%. We can check for this eligibility online too.
  10. theblack

    theblack Esperto

    Messages:
    2,188
    Bangalore
    Its not bad but that depends on whether yours is a fixed rate or floating rate. if its the latter then you might want to think about preclosure.

    The advantage of these govt banks(SBI, SBM, SBH and others) against private banks is the adherence to RBI rules in terms of loans and interests.
    To explain private banks can change there decisions on interest at will or have a clause at the end of the paper you've signed stating that based on "Certain conditions the company holds the right to modify criterias" which usually is overlook btw ;-)

    So such kind of reading between the lines are not present in govt banks.
    Secondly there are still many reports of issues with preclosures that I'm hearing / faced with private banks which i never did with any govt banks.
    So far i've taken and closed loans from SBH and HDFC and like many have put SBI is a bit of a hassle (SBH was good) and HDFC was a breeze but only after the first year did i start facing issues with preclosure while at around the same time I closed my SBH loan without any problems (SBH was a preclosure)

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