Best Home loan provider

POSTED BY Muthu ON January 9, 2012 5:10 pm COMMENTS (3)

Hi All,
I m planning to avail a Home loan for 25 lacs from HDFC Bank (Current Floating rate is 10.5%). People suggest me to go for Axis bank/SBI/LIC housing. But considering HDFC’s customer service and speed I m vouching for HDFC. Am I going for the right option?

Also, once I avail 25 lacs now and if I go for another new property, how will my eligibility gets calculated? Again 85% of the property cost or will it be lesser?

–Muthu

3 replies on this article “Best Home loan provider”

  1. Dominic Prakash says:
    January 10, 2012 at 2:32 pm

    I would like to second Ashal’s suggestion. Few banks have got such loans. They dont market it much. It will reduce your total term.

    Reply
  2. ashal jauhari says:
    January 9, 2012 at 8:33 pm

    Dear Muthu, I’m giving you an example for your 2nd Loan eligibility. Say your net mly income is 75000 Rs. & your existing loan EMIs (including Car & home & any other loan) are 32K.

    In this case 50% of 75K = 37500 Rs. & accordingly the new loan eligibility ‘ll be reduced to an EMI of some 5500 Rs.

    Thanks

    Ashal

    Reply
  3. ashal jauhari says:
    January 9, 2012 at 8:30 pm

    Dear Muthu, If you are ready to accept, please go ahead & opt for SBI’s Max Gain home loan. The basic interest rate is same but benefits in terms of channeling your idle money & thus reducing interest pay out & over all ease of working with a PSU bank are there.

    For more info on this SBI Max Gain product, please visit the nearest branch of SBI or simply google it.

    If you are going to purchase another property in future, the loan eligibility ‘ll depend upon the EMI to NMI ratio.

    Your Total EMIs should not be more than 45 to 50% of your net cash mly income.

    Thanks

    Ashal

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.