LOAN RELATED ISSUES

[ddamitav]

Hello,

Lets share issues related to Loan in this forum.

1) I am planning to transfer my existing loan from BHW to HDFC or SBI, now can any one tell me whether it is possible to do this as 80% disbursement has completed till now. is it possible to switch to another bank when there is partially disbursemnent.

2) Has any of the bank disburse the amount @ completion of last floor, I am worried since bhw is delaying release of payments.

Regards,

amitav

[webmaster]

Hi Amitav, good thread to share knowledge. Let me share my experience with Home loans.

Initially after booking @Savana we took a home loan from AXIS Bank as it was the only bank which approved our loan, however it was a partial loan as it did not cover the entire amount. We were able to get the loan sanctioned for about 75% of the total cost. HDFC were not giving loans for Savana at that time, and SBI loan process was too tedious.

Banking with AXIS was never a pleasant experience right from the beginning, they encashed our processing fees cheque even before we said yes to the loan. For every demand letter we had to visit the branch personally, submit the original demand letter and wait for 5-7 days to get the disbursement cheque. After the second or third disbursement by the bank (after they disbursed around 3 lakhs), they refused to disburse any more amount and asked us to pay the next demand requested by the builder as they said it was part of their policy to maintain customer-bank payment ratio. It became difficult for us to make the payment as it was not possible to arrange such a large amount for lump sum payment. Trying to call the bank for any information was a huge pain, they would never pickup phone calls, emails were of no use, and even if you manage to get through to the bank after calling multiple times, they never had any complete information. You had to personally visit the bank to get any work done which was a very tiresome task.

Finally we decided to switch to a different bank, we opted for HDFC even though their ROI was higher by about 1.5%, but we were ready to pay the premium for peace of mind. We started the loan application process with HDFC, got the loan transferred in about 30-45 days and the entire process was smooth. The experience with HDFC has been very satisfying so far (touchwood). The best part is, at least you can speak to a bank representative at any point of time to get your concerns address, they are easily available on phone and reply to emails promptly. Another added advantage is their online access to your home loan account, you can access the account anytime and most of the queries are resolved online. Also whenever I received a new demand from RPS, I simply email HDFC bank with the demand request and they have the cheque ready in 2 days.

Till now, HDFC has been disbursing all the demand request by RPS, the last one was for completion of internal plaster.

[ddamitav]

Thanks a lot for sharing this information Jayanta, i am planning to shift to HDFC from BHW as my present ROI with BHW is 11% and BHW is asking me 2% processing fees to reduce the ROU to 9% that to floating and its all depends on BPLR.

I Purchased the flat @ 1400+300+150 (150 is the premimum I paid to the seller by cheque) hence I got the premimum funding from the bank, and BHW had funded 92% of the total value.

Now if I shift to the HDFC then how much they will fund whether its 80% of the current value or the amount paid which ever is less.

Jayanta could you please pass on the contact number of the HDFC bank person who is dealing with you!! Since I am staying in Mumbai and my existing loan is from BHW Mumbai Branch here is HDFC mumbai they dont have clarity whether to transfer partially disbursed loan or not.

Regards,

Amitav

[webmaster]

Now if I shift to the HDFC then how much they will fund whether its 80% of the current value or the amount paid which ever is less.

Jayanta could you please pass on the contact number of the HDFC bank person who is dealing with you!! Since I am staying in Mumbai and my existing loan is from BHW Mumbai Branch here is HDFC mumbai they dont have clarity whether to transfer partially disbursed loan or not.

As far as I know, they should fund 80% of the current market value.

I was also fortunate when I did a balance transfer from AXIS bank to HDFC as Axis bank did not charge me the 2% penalty fees for foreclosure of the loan.

The RPS Savana website has the numbers for the HDFC bank representative, I think I spoke with Ashish.

1. HDFC Ltd - Mr.Ashish - 9810431512
2. HDFC Ltd - Mr.Shiv Kumar - 9811850255
3. LIC HOUSING FINANCE - Mr.V.K. Gupta - 9811312012
4. LIC HOUSING FINANCE - Mr.Sanjay - 9811628165
5. AXIS BANK - Mr. Sreeniwasan - 9810550333
6. IDBI HOUSING FINANCE - Mr. Dilip Chaudhary - 9873477994
7. IDBI HOUSING FINANCE - Mr.Rocky - 9911555543
8. ORIENTAL BANK OF COMMERCE - Branch Manager-Sector-16,Faridabad - 9899112815
9. ORIENTAL BANK OF COMMERCE - Mr. Rajesh Gupta - 0129-2288550
10. BHW - Mr.Amit Gupta - 9811330692
11. BHW - Mr.Harpal - 9312504289
12. SYNDICATE BANK - Mr. K.P. Singh - 011-25686909
13. IDBI Bank - Mr.Arnab Kumar Pal - 9818222069
14. IDBI Bank - Ms.Shalini Goyal - 9999916137
15. ING VYSYA BANK - Mr.Sanjay Arora - 9810505130
16. ING VYSYA BANK - Mr.Manik Arora - 9811960604
17. STATE BANK OF INDIA - Mr. Manish Gupta - 9871698432
18. STATE BANK OF INDIA - Mr.Amit - 9871698445
19. PNB Housing Finance Ltd. - Sales Team - 987393902-08, 23357170
20. STATE BANK OF PATIALA - Mr. K.K. Arora - 96502-96535
21. STATE BANK OF PATIALA - Mr.R.S Bararia - 9650296532

[ddamitav]

Hello All,

is there any body among us who has transfer their existing loan to either HDFC or SBI if yes please explained the process in details as HDFC is asking me for Colateral securities of the total amount till they received the papers from my existing banker. as you know that around 85% has been disbursed and hence it is difficult for me to provide securites worth 20 lac.

Thanks for your inputs.

Regards,

Amitav