Best Bank for Home loan in India in various parameters ?

POSTED BY Jagoinvestor ON April 30, 2012 6:04 pm COMMENTS (8)

I am doing a post on Best bank in India for home loan ?

Kindly help me identify different banks for home loan on various parameters . I mean which is the best bank in terms of

1. Documentation
2. Interest rates and charges
3. Transparancy in Process
4. Best tracking of your home loan payments
5. Attitude and friendlyness towards customer

8 replies on this article “Best Bank for Home loan in India in various parameters ?”

  1. sainath says:

    Dear Manish,

    I have good experience with Homeloans. For the above parameters HDFC Ltd is the No.1.
    People from ICICI and other banks makes false promises and wring commitments which is not in the case of HDFC, because you have to be there for signing on documents infront of a credit officer.

    For any homeloan please take care while going for floating rate, because it may ate up all your payments if the rate is increased. Many colleagues of mine have taken homeloan for tax benefit @7% in the year 2003, now can u imagine, their ROI is @12-13% because of opting floating. So my advise is, please ask the concerned bank official that is there any provision for shifting from floating to fixed and fixed to floating rate vice versa. At least you can shift to fixed raoi when rates are increasing or stick to floating when floating ROI is low.

    FAQs – to be asked

    1. Floating to Fixed or vice versa change available? if so, what are the charges?
    2. EMI increasing plan – for ex. you can choose starting EMI as 15k for 5 yrs and 20k for next 5yrs and 25k for remaining term.
    3. Online servicing.
    4. Top up facility for availing extra amount @lesser ROI
    4. Home assurance available as part of loan?
    5. Part payment charges.
    6. Foreclosure charges

    Thanks
    Venkat

    1. Thanks for sharing your experience Sainath !

  2. Dear Manish, from my personal experience for myself & my friends, SBI, HDFC, Axis, ICICI are the best.

    To some people it may look strange that I have included ICICI but my personal experience of ICICI is top class.

    Thanks

    Ashal

  3. Suresh Agarwal says:

    Stan chart Bank
    One of their product under loan is Home Saver similar to CC A/cs.
    Bargaining is there.
    You must understand rules & regulations.
    Some negotiations must be in permanent nature.

    1. Dear Suresh, the similar product is available from HSBC as well as SBI also. Earlier even ICICI was also giving this product but no more available there.

      SBI’s Max Gain is far better than S&C’s product for the simple reasons – pan india reach & standard procedures so there is no room for some personal negotiations.

      Thanks

      Ashal

  4. Parag Kumar says:

    I myself have taken loan from SBI. For me even the process was almost hassle free.

    The branch authorities were very co-operative right from the start. Event he interest rates are less as compared to private banks.

    And due to good Net banking facilities, you hardly have to visit the branch.

    People tend to not choose SBI because there is an image of SBI that its very difficult to get a loan from it and its not a customer friendly bank, although people do agree that SBI home loan is good int he long run.

    But i guess even SBI these days has simplified its home loan process.

    I strongly recommend SBI and if possible take SBI Maxgain scheme.

  5. Raja Mohamed says:

    I have taken home loan with HDFC on Feb 2011, the experience so far has been hassle free…

  6. No Gain without Pain…. SBI.

    The process seem to be frustrating and time consuming, however in long run it is better off in comparion to other banks.

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