1. Introducing the smashing new Team FIAT T-Shirt !! To order yours click here : Team FIAT T-Shirt

Banks Review: Share your experience

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

  1. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    10.15% is HDFCs rate for loans < 30 lacs for new customers presently so it seems to be fine.

    What i dont understand is that if its floating rate then why did you have to pay that extra 0.5% to bring down the rate? as per my current understading this should have been done by the bank without charges. maybe I am missing something important here!

    to be precise, its 10.15% for <30 lacs and 10.4% for >30 lacs. This figure of 10.2 doesn't seem to be exact!
  2. Surya

    Surya Superiore

    Messages:
    930
    Namma Bengaluru
    Hi why don't you check in Canara Bank, IDBI, Uco Bank, PNB as they are offering less interest with fast processing these days.. Myn is from IDBI current interest is 10.2%
  3. fiatlover

    fiatlover Esperto

    Messages:
    1,599
    Bangalore/Kasargod
    Bangalore
    Grande Punto 1.4
    10.2 is what she told me over phone for 30+ Lacs. May be some preferential rate for salary account. Not too sure.

    But my salary account plan revised in Feb says:
    Home Loan
    0-30 Lakh - 10.15% (RPLR – 6.25%), 30.01-75 Lakh - 10.40% (RPLR – 6.00%)
    Processing Fees - 0.5% of loan amount + tax OR upto a maximum of Rs. 10,000 + tax

    I need to cross-check before I finalize the deal.
  4. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    canara bank: 10.75 %
    IDBI: 10.25 %
    Uco Bank: 10.2 %
    PNB: 10.5 %

    source: http://www.deal4loans.com/home-loans-interest-rates.php

    All of them are more than HDFC. Uco being more just by 0.05% but the registration amount finance feature of HDFC is an important one for me. I am looking for any disadvantages in going for HDFC if i can spot any(leaving out comparison with SBI).
    Last edited: Jun 11, 2013
  5. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,245
    Chennai
    Linea 1.3
    This is how it works.

    When I took the loan, it was PLR regime that Banks would have their own PLR (Prime Lending Rate) and the floating rate is arrived by calculating (PLR - Spread = my actual interest rate). Here, note that the Spread % offered for a customer will never change and it is fixed. But, the banks will revise their PLRs as and when the RBI revises the CRR/Repo. So my actual interest rate at any time solely depends on this PLR. HDFC provided an offer to increase the Spread rate offered to the customers at a nominal cost so that their actual interest will come down regardless of revising the PLR. Current PLR of HDFC is 16.40% and my spread rate is 6.25%. So my actual ROI works out to 16.4-6.25 which is 10.15%.

    In 2010, RBI abolished the PLR regime and introduced the Base Rate. So, customer who got the loan under the PLR regime will still continue under the same and any new loan customers of any bank would fall under the Base Rate scheme.
    1 person likes this.
  6. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,245
    Chennai
    Linea 1.3
  7. N Kiran

    N Kiran Staff Member Janitor

    Messages:
    1,518
    Hyderabad
    I went for a New Car loan for my Linea and was adamant about getting the loan from SBI. I have been hearing only good things about SBI for quite few years. I got my approval in 1 day and got a sanction letter immediately after signing the agreement the next day.
  8. ^^ Can you provide details of interest and procedure involved.
  9. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,245
    Chennai
    Linea 1.3
    OT: Are you buying Linea? MJD or Tjet?

    And yes. SBI is good for the car loan. I got my loan approved in 2 days when I bought Linea in 2011.
  10. N Kiran

    N Kiran Staff Member Janitor

    Messages:
    1,518
    Hyderabad
    Just incase, if you haven't noticed my ownership review of the new linea. I have taken the delivery of a 2012 Linea MJD Dynamic BNW, yesterday. :)
    1 person likes this.

Share This Page