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
Members Feedback on Banks for Loans
Re: Members Feedback on Banks for Loans
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)
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)
Re: Members Feedback on Banks for Loans
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
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