Axis Bank - Site / Plot Loan feedback

[kunalsd]

Hi,
Has anybody recently taken a plot/site loan from Axis Bank as I am interested to know more details about their experiences and how the overall process is handled.

The processing fees quoted from various agents/bank officials/ websites are very confusing and no clear picture can be derived about the actual costs. None seem to be telling the 'Hidden Costs' and I am afraid that it may be applied at the last moment - which is their trick!

Do let us know if anyone has any suggestions / best practices.

Note to Admin / Mods: As I could not locate any appropriate forum - hence posting it under 'Real Estate'

Regards,
Kunal

[VNarasimhaiah]

Kunal, Not sure if my response has reached in time. I recently in early Jan 2013 applied for Axis Bank loan. In a few days time, I got everything that I expected in terms of the loan disbursement. I did not have to spend any money and also did not encounter anything such as 'Hidden Costs'. This is my 2nd experience of availing a home loan. Compared to the one which I availed in 2002, there are a lot of changes that have happened, which favors the loanee. Though I had other choices, I decided with Axis Bank and stayed with it and it seems like I did the right choice. Bank has been very responsive and I get all details that I have requested till date. Recently the EMIs repayments have also started and hope the same kind of responsiveness prevails till I close the loan. By the way, SBI's HL offer seems quite interesting. You may want to check it out. Cheers!

[Anshuraj]

even I have taken plot loan from axisbank,so far I am happy and as such not seen any hidden charges!. In 2012 I paid 1% as processing fee but later my friends are paid only 0.5%. You can bargain on that!.

[ravikumar124]

Axis bank loan depends on the person who is dealing .. many time RAC or other agents will be their.. if u go with them in short .. it will like trouble ride ...

i got a loan from them finally with lots of mistakes from bank... personally i think u need to deal with Bank directly... or else it will roller coaster ride till u done with the Loan...

[kbaijuk]

I had a bad experience with Axis bank, they forced me to take loan insurance with plot loan. by the time I came to know about this insurance they processed everything and it was just the day before my site registration, i was unable to do anything but to accept this insurance. So in my opinion go with Axis bank if you don't have any other option. Its always better to go with SBI for any kind of loan.

[mahesh_uls]

Hi All,

can somebody please let me know if axis bank strictly follows the construction condition. i have given a affidavit stating that construction would start within one year. But will the bank strictly follow this condition. Any body who has loan with axis bank, pls let me know.

Regards
M

[kunalsd]

Hi Mahesh,
For Composite loans, the timeline to start construction is 18 months from loan sanction date. If you do not start construction - you will be charged one percent extra upon the existing interest rates.
For Site loan - the construction clause does not apply.

I have clarified it from the Axis Bank officials. The affidavit is taken by AxisBank for all applicants and I feel it is just a formality.

Regards,
Kunal

[kbaijuk]

Hi All,

can somebody please let me know if axis bank strictly follows the construction condition. i have given a affidavit stating that construction would start within one year. But will the bank strictly follow this condition. Any body who has loan with axis bank, pls let me know.

Regards
M

Basically plot is loan is nothing but a composite home loan only. Though Axis bank will not ask you to start construction within 2 year time, this is their main attraction point. Though they are taking a precaution and to avoid any future audit risks they are taking this affidavit.

[Lekhya Sindhura]

Hello,
Could you please let me know what is the interest for composite loan in Axis Bank.
Also, appreciate if you could provide some pointers on the Banks that are good to go in for loans..
Thanks,
lekhya

[mahesh_uls]

Hi Lekhya,
pls check bankbazaar.com. u can compare various banks interest rates side by side. With HDFC and Axis i have good experience till now.

regds
Mahesh