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POSTED BY ON January 6, 2013 12:08 pm COMMENTS (6)
My need and plan: I want to take a loan of 16 lakhs for a period of 20 years which i m hopeful of completing in 10 years by making pre-payements. I have shortlisted ICICI HFC and AXIS bank.
ICICI HFC : Base rate 9.5%. Markup 0.5% rate. Processing fee is RS 5000(i negotiated). 1% cashback scheme.
AXIS : Base rate 10%. Markup 0.25%. Processing fee is Rs 8000. last 12 EMI waiver plan( i know all the tecnicality about this plan n i know i wont be eligible since i am planning to complete my loan in 10 years).
What is confusing me that ICICI HFC being a HFC should follow BPLR system then why in their website its mentioned they have mentioned base rate system. Please advise. Also which one is a better option to avail home loan from ? Please help.
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Dear Mr. Sonkar,
As the interest rates and the processing fees mentioned are same, we would recommend that you choose your pick depending on your need.
Also, there seems to be some miscommunication as ICICI HFC does exist.
Regards,
Credexpert
@credexpert:
HDFC follow BPLR system which i don’t want. I wud rather prefer base rate system.
Update:
Just now i got a confirmation from ICICI bank that HFC doesn’t exist anymore. is it true ?
Its the ICICI bank which will be financing me loan. Now the scenario is as below:
Axis bank: Base rate 10% + markup 0.25% = 10.25%. Processing fee 0.5%.
Last 12 EMI waiver offer.
ICICI bank : Base rate 9.75% + markup 0.5% = 10.25% Processing fee 0.5%.
1% EMI cash back offer.
Please suggest which one i should go with.
Dear Mr. Sonkar,
On the face of it, ICICI Bank seems to be better – Are these floating rates or fixed rates? Have you examined HDFC? We recommend that you have a look at that too.
Also, do not get too influenced by cash back and waiver of last 12 EMI’s etc. because, as you have rightly said, there are technical points which may disqualify you from that waiver.
Regards,
Credexpert
SBI is not at all helpful. I went to local branch and they denied me the application form at first place. They asked me to transfer my salary account first. When i said there is no such clause then they gave a list of documents and said only when i will arrange all these documents and i should not expect any loan before 2-3 months.
Since i need to leave my city soon in 2 months and seller will not wait that much. I moved to other banks. I can complain to ombudsman but i dont have that much time and i will lose that property in the process. It would be very helpful if you can suggest anything related to my above query.
Dear Vishal, why are you not opting SBI’s Max Gain?
Thanks
Ashal