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POSTED BY ON December 26, 2012 10:26 pm COMMENTS (3)
Hello folks!
I am planning to invest in residential property in Gujarat.Still to finalize it.In mean time, I want to understand about best loan players and loan process available.I went though many discussions on this site and also studied other site.I have following questions,
1. Can I opt for home loan from a particular branch of SBI/HDFC in Mumbai for property located in Gujarat?
2. Has any one taken home loan from the standard chartered bank (SCB)? They are offering loan upto 30lac for 10% (less than HDFC!).Also, no need to compulsary buy their other products like savings account/credit card (SBI asks for compulsary insurance).Please share your experience.
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Dear Anky,
1) Yes, you can opt for a home loan from a particular branch of SBI / HDFC in Mumbai for a property based in Gujarat, however there are possibilities that the process gets a little delayed as the lender will have to get technical and legal appraisal done at the local level.
2) Apart from the interest rates offered by SCB, also look for the nature of interest rate – Fixed or Floating, tenure, other charges, terms and conditions etc. Only after considering all of these factors and comparing it with the other institutions take your final decision.After all, this is a long term relationship.
Regards,
Credexpert
Standard Chartered is claiming that you can have home loan in just 5 days or else get a refund of up to Rs 5000. It is really awesome offer. But you need to more research on it to know all the terms and conditions.
It is also providing better flexibility like
Loans for salaried and self employed individuals
Choice of tenure from 5 years to 20 years
Dear Anky, I assume the property ‘ll be with you for 3-5Y time frame only as you intend to purchase it for investment purpose only. Please recalculate what ‘ll be your profit after paying all the expenses towards, property, home loan interest, processing fee, broker fee if you rent out your property in the mean time.
Do not jump blindly. My personal take for ease of operation ‘ll be HDFC. You can contact any branch of HDFc near to you in Mumbai.
thanks
Ashal