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Dear Friends,

Many of us might have approached, financed by various banks for plot loan, construction loan, house/apartment loan etc..
In the larger interests of all members of the forum, everybody's suggestions, ideas & feedback about their experience would be highly useful for members who are planning for house/plot/apartment etc..

Like for example, It may be regarding interest rates, service, hidden costs etc etc..

Your inputs are welcome. Start sharing.

Regards,
Mahantesh

Hi,

When I purchased the Apartment, we gone with LIC Housing Finance in April 2011

We gone with Hybrid Interest Plan (Gruhapravesh) - 5 Years Fixed Interest & post that it is Floating Interest.
They have slabs of Interest depending on Loan Amount
Upto 20 Lakhs - 9.9 % Interest
Above 20 Lakhs - 10.15% Interest

1) Processing fee - Lumpsum of 12190/- for any Loan Amount more than 20 Lakhs or else it will be 0.5% of Loan amount
2) Notary Charges - 800/-
3) If any GPA required during registration if co-owner is not available then Cost will be Rs 1000/-
4) In Future if you are planning to Increase your EMI then LIC will charge an amount of Rs 1196/- irrespective of EMI amount (This is ridiculous if I say, why should it is to be paid just to increase the loan amount, as ECS facility there to just to modify, they don't have answer when I questioned, it is their policy)
5) No Prepayment charges after 6 months
6) EMI will also cover the Insurance charges ( I don't know the amount they covered in the EMI Declared)

Thanks Chida_gs.

Looks like you are not happy with the LIC housing finance. Your feedback will be helpful to members.

By the way, RBI has cut the rate further yesterday.

http://economictimes.indiatimes.com/wea ... 452699.cms

Regards,
Mahantesh