Commented on own review
Jul 10, 2009 07:23 PM
(Updated Jul 10, 2009 07:27 PM)
Hi Susil,
You scared me man :), so I stepped back and give a second thought to other nationalized banks. I revisited my bank survey and re-approached Canara bank and BOB.
Canara bank seemed like a mission impossible to me. Though they have real astounding schemes with @8.25% for first yr and 9....25% for next four yrs and later it depends PLR. But they ask for KYC which mean u have to have realtionship with bank for more then 6 months, I was lucky to fulfill that pre-requisite, then they asked me to ask my company to transfer my salary to Canara bank for which my company agreed. Then they asked my company to provide them a letter in which my company declare to give them (bank) my arrears like paid holidays etc incase I default. In my conversation I mentioned about my uncle at decent designation at Canara bank, then they asked his additional guarantee as well. Still they never assured me to sanction the loan.
Lately I again approached BOB and I was pleasantly surprised by the warm conduct by the sales and assurance to get the loan sanctioned in a week's time.
It actually took less than a week to get the loan sanctioned. But I tell you man, the documentation is too much :( and also they want a guarantor with his asset worth more than or equal to loan amount.
I am lucky to be associated with of BOB, I feel.
They are having spl scheme till Aug-15, 2009, where they are not charging any processing fee. Plus free home insurance.
Current Rate of interest for major corporate is 25 basis point less i.e I got @8.5%.
I rate BOB 8 of 10.
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Commented on aaryesdee's article
12 or 13 ?????
Jun 22, 2009 01:15 AM
(Updated Jun 22, 2009 01:16 AM)
Bingo !! Its 12, just that, take screen shot for both and paste them on the same page of MS paint, then analyze.
Every soldier sacrificed something, some one has got long legs and long pants and long spaghetti baniyaan to have and extra soldier. Its gud old one.
Commented on own review
Jun 21, 2009 12:56 AM
I say guys, do good home-work before choosing bank for Mortgage. It is as important as choosing your dream home in your limited budget.
As per my calculation, in my case for loan worth 30L ,every 1% difference in loan interest rates save me Rs 2,000 a month.
That roughly means I could have gone ...for home worth 2L more with financing of bank with 1% lower interest rates ( approx costing me the same EMI).
Its really important to do thorough research on bank, their rates and charges that will be borne by you.
All the best.
Home-Sweet-HomeRead More
Commented on own review
Jun 21, 2009 12:23 AM
(Updated Jun 21, 2009 12:32 AM)
Many thanks for ur valuable inputs
Finally decided to go for Axis Bank for the below reasons
1)Rate of interest is 9% (as of now)
This depends upon PLR (Prime Lending Rate) & Margin Discount
PLR = 12.5% Common for all customers decided by an organisation on repo rates controlled by RBI
Margin... Discount = 3.5% (which is decided fixed for the customer for the whole tenure of loan)
So my Interest rate should always be 3.5% below PLR**
2)There is no fore closure fees and charges if you close your loan from your pocket or transfer it to some other bank. Rest all banks charge 2% fore closure fee if you transfer loan to some other bank.
That some how indicates that Bank should have to be always competitive enough to retain existing costumers, coz they can always hop to better loan schemes
3)Private so fast processing and sales person knows all the process and do things on your behalf and collect documents from home.
4)Have higher loan eligibility for me as compared to nationalized bank.
5)No Mortgage concept equitable/registered
6)Processing, personal advocate and rest charges coming around 18-19K, which is 0.64%.
I think that is quite tailored requirement, that suited me the most
Below is the precis for rejecting banks
Bank of Baroda - Too much paper work, non co-operative staff, longer processing period, higher processing fee, mortgage charges, foreclosure fee, lower loan taking eligibility. Only advantage was @8.75% which is merely 0.25% better than AXIS
Bank of India - ALL AS ABOVE and also @9.75% i.e 0.75% more than AXIS
UCO - Just mortgage and processing charges coming out to be hefty 75,000 for the loan of 30L
LIC Housing - 8.75% 3months, there on 10.25% for 30L
SBI - 8% first year and 10.25% there on
HDFC, ICICI & IDBI -Big NO, they are money minting factories, they think of shareholders:)
** Need Clarification
http://www.consumercomplaints.in/complaints/lot-of-difference-between-saying-and-doing-c131765.htmlRead More
Reviewed Taking a Home Loan
Jun 19, 2009 09:18 AM
8968 Views
(Updated Jun 24, 2009 01:03 AM)
I have read so much, everyone cribbing about their bank's opaque policies and unfair interest rates.
Thanks for telling which banks are not good.
But I hardly found anyone sharing good experience, that can either mean No bank is transparent and good or otherwise satisfied debtors dont like...Read more
Commented on dharmeshbapa's review
Jun 19, 2009 08:47 AM
(Updated Jun 19, 2009 08:48 AM)
I have just been to office at MG Road, Pune to enquire about home loans, unlike other PSU banks, I found staff to be quite cordial and helpful. And assured me to process the loan quicker 15-17 days.
I am not sure but they asked for
0.5% of Processing fee
1.5% of Registered Mortgage
0.25% oth...er charges like Title clearance etc.
Total turning out to be 2.5% i.e for 30L of loan ~75,000 Rs
Which is way too much, I felt.
On asking them they told me there are two types of mortgages
Equitable Mortgage and Registered Mortgage
Most of the PSU banks goes for mortgage, but that is equitable and process is not registered. Formalities happens in bank itself.
But UCO goes for Registered mortgage where stamp duty and registry happens and registered money goes to government.
Axis and UCO, both currently offering 9% interest rate.
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