Home Loan : which bank will be best and ready to offer loans

[panacea6565]

I am looking for a home loan
and that too,from a govt bank having less hassles

The Bank I was planning to take home loan :
OBC - the local branch bank knows us well
SBI - I believe, it is the best
PNB
LIC housing finance

but as much as I know, the banks which have shortlisted RPS Palms are"
PNB
Axis bank - heard positive reviews
federal bank
Diwan housing - i am not aware of these guys at all

Please share your opinion, and if possible your experience too.

[freemind76]

Buddy,

Excellent decision - Never ever go to private bank.

Learn from my experience. All of the private banks are cheat. They will increase interest rate after loan without informing you. You will start at x rate and after a year you will be at x*2 rate.

SBI is the best. LIC is also good. I have tried LIC and my experience was good atleast much better than Pvt Banks. My interest rates were decreased twice and LIC sent the letter at my home intimating the reduction of interest rate. They also sent the letter when they increased the rate. In a way, LIC maintained the transparency.

You will have problem initially (you may have to go to the bank many times and talk to babus). Once it is done, you will feel much relaxed as compared to pvt banks.

[surajbarnwal]

Dear, I am also searching a right bank for Home Loan for RPS Palms and in the mail of Panacea, it is rightly said that RPS has made a tie-up with four banks only for RPS Palms till now, whereas there are many other better options available in the market…..
My problem is....I got a loan approved in principal from LICHFL for RPS Palms, but this project is not yet approved by LICHFL. Today I visited to LICHFL branch and the Builder Office too and they told me that some documents are pending/ have submitted and the process is going on with LIC HFL…but don’t know…when it would approve…
Builder has also told me that there are some banks which will be in line in next 10-15 days…HDFC Bank, SBI….and they are also approaching to some others nationalized banks but it will take time....

If anybody has any update regarding approval from LICHFL for RPS Palms, please let me know, Thanks.
-Suraj

[panacea6565]

@Suraj
U have written "I got a loan approved in principal from LICHFL for RPS Palms, but this project is not yet approved by LICHFL. "
I am bit confused,as in first u said, the loan is approved, but then you say this project is not approved...is it not that when u got loan approved,u will get the loan

@ALL
is the home loan rates of banks has increased in last 1 month or so? as much as I know, there was just news of inevitable increase,but that didnt happen, courtesy@congress ki maar

[yash.monga]

@ Suraj

I am also facing same issue and talked to Mr. Rajesh of RPS. They are not able to fulfuill the requirement of LIC and trying to produce required legal documents. No timeline for final approval from LICHFL given by RPS.
LICHFL area manager is adament for proper legal documents and they are also not ready to start disbursement. I will wait for few more days then planning to move to PNB or SBI. RPS is not bothered about extra cost we have to incurr on processing fee and told me very clearly that funding is the ownership of buyer.

@ Jatinder - LICHFL gives sanction letter of loan based on financial standing of borrower and they disburse the loan only after approval of property. In case of RPS Plams, they have not got required legal documents, therefore they are not disbursing loan amount. Borrower can buy any other property with the same sanction letter.
Thanks,

Yash

[surajbarnwal]

Hi Yash, I’ll wait for some days and then think for other banks and so I advice to you all, because hopefully some more banks may be in the line and we can get some good option.
I checked with SBI & PNB and they have one condition..that is- you have to give a guarantor equal to the amount of loan, apart from the property against which you are taking the loan, (if I understand correctly) that means they want double security...which, I think not possible for most of the people.
Lets see what can be done…….

[panacea6565]

@Suraj

in which SBI branch you approached, as when I discussed for the loan, they have not mentioned me anything like that, just asked my DOB,PAN no and given me a photocopy paper, having the details of the required documents.
I am not sure, whether they will ask me or not
I went to sec-16,fbd branch of SBI
and rates are(as much as i remember)
8.5 -1st yr
9.5 -2nd yr
9.5 - 3rd yr
after 3 yrs - floating(they say: will be min in the industry, as it is SBI)