Home Loan from HDFC Bank
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1. I am taking floating rate interest, and the agent says there won't be any charges when rate decreases due to the repo rate change in this case. However hdfc website says otherwise.
2. Agent says that I have to bear the Legal charges involved. I have heard that sometimes banks get it done without changing customers.
3. On some forums people are saying that there is no option to make part payment online and one has to go to a branch but the agent says it can be done online.
4. Heard from some people that HDFC charges for making part payment and foreclosure however the agent says there are no fees after 6 months of disbursement.
Would love to know from existing home loan holders from HDFC Bank. TiA!
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If all papers are correct and you dont need 85-90% of property value, go for SBI or BOB
Youll get lower rate, 0 prpcessing if any campaigns are going on
For hdfc part payment directly online is not possible. You need to send mail to hdfc loan department stating the amount you want to pay, they will send you a link for payment within 24hrs on email
In BoB any amount that is kept in savings account, interest is not charged for that much in homeloan, of course u do not earn SB interest on SB bal
like your homeloan is 50lacs and u keep 5lacs in SB for 1 month then for that month your are charged interest on 45lacs only
No personal exp
BoB best else HDFC or Axis good, do not prefer SBI, they increase rate and later not reduce though other banks reduce as per Repo reduction. When I asked them to reduce they did CIBIL 2 times(2 different requests over an year) but both times they did not reduce in spite of 800+CIBIL while HDFC offer 8.5 if ported, SBI stuck to 9.2.
SBI is the worst housing loan seen till now, no one knows about any information about running loans, no clue on why interest rate increase or decrease month on month. We won't get clarity on running EMI's. Struggling alreadu, strictly avoid.
1. this is true, however decreased rate get applied after 3 months, while increase in rate is reflected in next month
2. there are charges, depends on your negotiation skills
3. part payment upto 25% of the outstanding amount possible online only, if more need to be done, need to visit branch
4. no bank can charge fee on home loan pre/part payments, that's a rule
Why this 3 month gap to reduce the interest? Doesn't it violate RBI guidelines? Also what are the charges for reduction?
1. what hdfc website says is true.
2. yes it happens, terms vary cust to cust
3. part payments are possible online
4. read before signing loan term sheet/agreement, everything/everycharge will be mentioned there. and you can always negotiate.
suggestion would be to choose HFL's like lic HFL, CANfin HFL, PNB HFL etc.