Hello All,
I am new to this community and by mistake I had put my questions at wrong place. I am asking here the questions agian.
My Questions:
Scenario : I have decided the property (Flat INR 49 Lac- possesion after 2.5 to 3 yrs) and now planning for Home loan(Required max. INR 38 lac) . I discussed with many friends and most of them said either go with LIC Home Loan or SBI Home loan.
1. Which one is the best – LIC Home loan or SBI home loan? I enquired at both the offices and interest rate for LIC would be 10.40% (under scheme) and 10.75 % regular. And SBI gives 10.75 % both floating.
2. Is the SBI MaxGain is better than LIC Home Loan? Are the processes to calculate the interest and reducing polices same with LIC and SBI? If not, what is the difference?
3. Is it neccessary to take Insurance policy on Home loan?Which type of policy need to take? If my loan amout is INR 38 Lac, how much value needs to be covered?
4. Is the policy premium added to the Home loan EMI or what does bank generally do?
5. If suppose bank approves max. home loan,but can we take less amout if we dont need full amout? e.g. if bank approves INR 38 lac however I need only INR 35 lac only. Can we do this?
6. In SBI MaxGain, is the question 5 applicable?
Thanks!