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Discuss Home loans

Discussion in 'Housing' started by Ooviya, Nov 10, 2009.

  1. Ooviya

    Ooviya Platinum IL'ite

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    HIII,

    V r plan to buy a flat on Jan'10 in Chennai. V both r young couples. so v dont have any idea about Home loans.

    Will u pls tell me,

    1. Which bank Is best for home loan?
    2. V want to get loan from SBI IN FIXED RATE. is it correct Decision?
    3. V planned to get-60% amount form -HOME LOAN, 25%-PERSONAL LOAN.
    Is it correct ratio?
    4.Is any other option for getting finance reg. to buy a flat?

    EAGERLY WAITING FOR UR REPLY:drowning
     
    Last edited by a moderator: Apr 12, 2011
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  2. Deep78

    Deep78 Bronze IL'ite

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    Re: Home loans

    Congrats on your planning. Though i am not very well versed in this,i can tell you few points as a recent buyer.

    Selection of bank- First you select the project/builder. The builder would have got approval from some banks for providing loans. Get quote from the banks he refers to, compare and decide. As you have ample time go thro rediff money about home loan.

    Fixed vs floating - Floating is more popular than fixed.Or you can have 50%fixed and 50%floating on safer side. I wont go for full fixed interest.

    60%home loan and remaining personal loan??? personal loan is too costly.The banks can sanction upto the maximum of 80%-85% of the total apartment value. The remaining amount you have to arrange.

    Just my :my2cents.


    All the Best.:thumbsup
     
    Last edited by a moderator: Nov 12, 2009
  3. Ooviya

    Ooviya Platinum IL'ite

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    Re: Home loans

    Thank u so much!!!!!!
     
  4. Bharathi.K

    Bharathi.K Senior IL'ite

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    Hi all plz calrify me the following
    I have planned to take a home loan from icici bank.
    The reason y i choose icici bank is that, since they offer me loan amount of what i expect. We planned to shift the bank after a year or two to public sector banks.
    My dad says that, taking a home loan from public sector banks (SBI, Canara, IOB) is not easy as.
    Tat is the major reason i go for an ICICI.
    plz advise me is it ok to take in icici.. or do we need to go only for public sector banks.
    Also advise me with the advantages and disadvantages of taking home loan from icici bank. plz shower ur ideas.
     
    Last edited by a moderator: Mar 22, 2010
  5. shalini2009

    shalini2009 New IL'ite

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    Re: Taking Home Loan in ICICI Bank

    Shifting the home loan with ICICI is not that easy. There is a 2% penalty you should be paying on the outstanding about. If you are aware of that clause it is ok.

    ICICI is offering 2 years for fixed loan and variable i guess.

    Also check Axis bank. They do not have fixed loan for 2 years but they do have any penalty when you close the loan.

    Hope this hepls
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    Re: Taking Home Loan in ICICI Bank

    bharathi and shalini,

    DH is an NRI. so we had taken a loan from a pvt housing loan corporation. we definitely had a good branch recommended and they are very helpful.

    now we are looking at taking another loan. this time we are looking at nationalised banks and i have had frequent discussions with them, and i am more convinced at the same.

    Will come back with more details later..have to go...........
     
  7. shalini2009

    shalini2009 New IL'ite

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    Re: Taking Home Loan in ICICI Bank

    Hi Shanthi,
    What is DH?
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    Re: Taking Home Loan in ICICI Bank

    DH is dear husband
     
    Last edited: Mar 5, 2010
  9. shalini2009

    shalini2009 New IL'ite

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    Re: Taking Home Loan in ICICI Bank

    I was thinking some bank:):rotfl
     
  10. Bharathi.K

    Bharathi.K Senior IL'ite

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    Increase of Home Loan???

    How much the Home Loan is getting incread by April 2010?
     

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