Backed form my onsite trip to Bangalore and planned for a dream home. I had done some ground work to decide which bank to opt for Housing Loan. Mouth Shut and some friends recomended to go for govt sector banks.
Thus I had two option SBI or LIC Housing Finance. I had been to SBI, their service was OK but customer has to do all the formalities and they need guaranters for loan. Then LICHFL seems OK. I was almost satisfied with the LIC manager and applied for the loan.
Loan Process: 1. Personal Visit with income paper to the manager, where he will provide the loan eligibility. 2. Processing charge, if the Check bounced LIC will cancel the loan file. 3. House and Office verification then Sanction letter 4. Property Legal check and Loan Disbursal. Intrest Rate: 1. I opt for 8.9% fixed for 3 yrs and got processing fees approval as Rs5001.00 2. Intrest will change to floating after 3 yrs of loan.
Mean while I got a project work in Chennai for 3-4 months and LIC done my house verification in Bangalore and Chennai and some 15 days of time I got my aproval letter. By the time I was in Chennai, builder provided all the legal documnts to LICHFL. Got legal clearnce after some 25-30 days. LICHFL expecting lots of document from builder which is good for customer.
Last they release the Draft to builder on the registration day in presence of LIC Lawyer. The process took almost 45 days and I am very happy that LIC has been done a very good legal check and promised what was informed to me. My EMI did not start yet and waiting for the house " Gruha Pravesh" in next months. - 2nd Review after 17 EMI - Till now I have paid almost 17 EMIs, one time it was a delay from LIC HFL side to debit my account, then no problem at all. mean while I moved to my new house some 1.5 yrs back and changed the Loan corresponding address too. LIC will not send any document to your house rather you have to collect from the Head office, I too done some part payment, seems every thing fine as off today.
