Bank Loan Options

[Vimal Bhatia]

Hi,

Myself and a friend of my are looking for loan for this project.

So far we have short listed two options: LIC and AXIS (and maybe HDFC).

The reason for shortlisting the above banks,
1) LIC - their fixed rate for 5 years and floating rate less than
others (at least as of now). Good feedback from a friend who bought
under CLP in another development.
2) AXIS - Processing charge less than LIC. Interest rate slightly
higher (0.25%) than LIC, but not deciding factor. Again mixed feedback
from exisiting customers.
3) HDFC - Processing charge and Interest rate similar to AXIS bank.
Upto 25% prepayment allowed. No charges for prepayment. Good feedback
for other projects, but no idea feedback how they fare in this
project.

I was wondering if anyone has taken loan from any of the above, or
maybe recommend other options - we are open to suggestions and any
recommendations..

The key differentiating points for us are:

1) Ease in getting loan disbursed after builder's demand letter. From
another thread, I found that some members had difficulty getting loan
amount disbursed from AXIS bank for 4th installment for Phase-I. It
would be helpful to get others feedback about their experience and
recommendations.

2) Door to door service

3) Prepayment charges - so far AXIS scores over others as most
flexible and with no charge for prepayments

4) Hidden charges

Thanks folks
Vimal

[GAURAV BHARDWAJ]

Dear Vimal,

As i have already get loan from Corporation Bank & I get at 8.25% floating and i think is is best deal because Ajnara Builder have its account in Corporation Bank & it is easy to disburse loan easily.

Any comment from anyone would be appreciable..

 

 

regards

Gaurav Bhardwaj

9999612129

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Gaurav

[Vimal Bhatia]

Thanks Gaurav.

Just checked Corporation bank, Upto 5 years they charge 8.75%
More than 5 years and 15 years they charge 9.50%

Does that mean if I can take loan for 15 years, first five years (from
date of loan approval) I will be charged 8.75% and then 9.50%, or will
be 9.50% throughout as my application says 15years home loan.

Do you know their early repayment charges...

Do you get door to door service

Please email/PM me bank agent's number

Would be good to get feedback from others.

Thanks again
Vimal