Best bank to get the home loan

[Sagar]

Hi All,

Planning to apply for a home loan very soon. My current cibil is 795 and the simulator shows that my score will increase to 805 if I apply for a home loan.
Can someone please help me with
1) which bank to choose?
2) floating or fixed as per current interest rates?
3) should I hold on applying for new cc for some time or it doesn't affect my loan application?
4) will it help me reduce my interest rates if I open a high NRV account with the bank?
5) any other suggestion/ advice

 

[Wealth is my birth right!]

Hi All,

Planning to apply for a home loan very soon. My current cibil is 795 and the simulator shows that my score will increase to 805 if I apply for a home loan.
Can someone please help me with
1) which bank to choose?
2) floating or fixed as per current interest rates?
3) should I hold on applying for new cc for some time or it doesn't affect my loan application?
4) will it help me reduce my interest rates if I open a high NRV account with the bank?
5) any other suggestion/ advice

Hdfc
Floating
No don’t take cc
As long as u have 800+ cibil the HL interest slab will be best
Try to get HL sanction before 31st u can avail within next 30 days

 

[Patil007]

1) which bank to choose?: HDFC, else if you are salaried, try take from bank in which you have salary account for best offer.
2) floating or fixed as per current interest rates?: Currently banks are providing floating only.
3) should I hold on applying for new cc for some time or it doesn't affect my loan application? Yes, stop for sometime.
4) will it help me reduce my interest rates if I open a high NRV account with the bank?: they will offer some discount on processing fee n all.
5) any other suggestion/ advice: Go to different banks and take notes then compare. Make questionaries', watch YouTube vides first, what are the pre-requisites needed for home loan, what are charges for home loan, make list and ask same questions to each bank and then at last compare and decide.

 

[catcat]

Which bank has the lowest EBLR/RLLR home loan rate as of today? My loan is with Kotak Mahindra Bank, which has a rate of 6.5 + 2.55 = 9.05. Is any bank offering a lower rate for external benchmark linked rate?

 

[ADITYA1904]

Which bank has the lowest EBLR/RLLR home loan rate as of today? My loan is with Kotak Mahindra Bank, which has a rate of 6.5 + 2.55 = 9.05. Is any bank offering a lower rate for external benchmark linked rate?

I think icici is the best and its also have super saver account link with home loan so if you have extra money then you put money into supersaver account and you save interest and when you need you can take back money just like overdraft

 

[catcat]

I think icici is the best and its also have super saver account link with home loan so if you have extra money then you put money into supersaver account and you save interest and when you need you can take back money just like overdraft

But what is the rate & spread?
This says the EBLR is 9.25%. Not sure what the home loan rate is, but it looks like its 9.25%.
The supersaver sounds like SBI's maxgain facility.

 

[ADITYA1904]

But what is the rate & spread?
This says the EBLR is 9.25%. Not sure what the home loan rate is, but it looks like its 9.25%.
The supersaver sounds like SBI's maxgain facility.

Rate is according to profile of customer mah be, for me its was 8.75

 

[catcat]

Rate is according to profile of customer mah be, for me its was 8.75

What is the benchmark, and what is the spread?

 

[catcat]

Found this. Its 9.00% for salaried with cibil > 800. If you are getting 8.75, it means RBI's Feb increase hasn't kicked in yet. (It hasn't for me either, I am still getting 8.80). Kotak revises rates on 16 Jan, 16 April, 16 July & 16 Oct. From April 16 it will go up another 0.25.

Is there any bank whick is giving lower than Repo + 2.50 % ?

 

[ADITYA1904]

What is the benchmark, and what is the spread?

6.5 plus 2.25, doctor profile, approved in march, special approval

 

[catcat]

Good to hear!

Waiting to see what is the best EBLR open to the general public. With the RBI pausing rates, some say this is the last rate hike (Though even the RBI itself doesn't know that).

The idea's to lock into the cheapest eblr loan, and wait for the rate cuts to play out.

 

[Mogambo]

Hi All,

Planning to apply for a home loan very soon. My current cibil is 795 and the simulator shows that my score will increase to 805 if I apply for a home loan.
Can someone please help me with
1) which bank to choose?
2) floating or fixed as per current interest rates?
3) should I hold on applying for new cc for some time or it doesn't affect my loan application?
4) will it help me reduce my interest rates if I open a high NRV account with the bank?
5) any other suggestion/ advice

After extensive research I found union bank, sbi provide lowest interest. Even though hdfc offered similar i chose sbi(no fees) hdfc might charge some other fees.

 

[Ankur dhanda]

Depending on profile and CIBIL -
IndusInd bank at 8.65 (6.5 + 2.15),
option to BT to axis bank at 8.5 (6.5 + 2).

 

[iAmPm]

if you have extra money then you put money into supersaver account

how to activate?

 

[caabhi]

Hi All,

Planning to apply for a home loan very soon. My current cibil is 795 and the simulator shows that my score will increase to 805 if I apply for a home loan.
Can someone please help me with
1) which bank to choose?
2) floating or fixed as per current interest rates?
3) should I hold on applying for new cc for some time or it doesn't affect my loan application?
4) will it help me reduce my interest rates if I open a high NRV account with the bank?
5) any other suggestion/ advice

1. Get quotes from few banks, you can consider HDFC
2. Floating rate- Current ROI are high and does not make sense to lock rates at this point in time. In floating rate your ROI will be linked to Repo rate.
3. Yes
4. Negotiate without committing anything first, so that you can get to know for yourself if it is worthwhile
5. i)Post availing loan try to make some bullet payments to reduce your loan amount and save on interest. ii)If your debt mix has other costly debt, retire that and rather take Loan against property if property valuation allows. iii) Check out home loan products which operate like overdraft, it has specific use case but come at premium and costlier than normal home loan. Only makes sense if you intend to park substantial funds and want tor retain liquidity.

 

[ADITYA1904]

how to activate?

I think can’t activate after taking home loan, you need to take home loan with super saver account and its costly as 0.25% more but you have extra coming in and out like overdraft than you can save money when you park money into super saver accounts talk to loan RM they can give you better information…

Icici, axis, bob provides home loan with super saver account i think

 

[elite34700]

My experience :

If you are about believing so called government associated banks go with SBI. In private like everyone said HDFC, kotak is also a decent option. Stay away from INDUSIND .

 

[Ankur dhanda]

My experience :

If you are about believing so called government associated banks go with SBI. In private like everyone said HDFC, kotak is also a decent option. Stay away from INDUSIND .

What was your experience with IndusInd Bank?

 

[Digvijay]

HDFC is a unique home loan provider. They will never reduce the ROI on their own. You must challenge them by quoting other lenders. They will then ask you to pay a conversion fee each time they reduce the ROI. This could be ₹ 2500 up to ₹ 5000 each time. Also, they have issues with pre-payment of loans. May vary case to case though! SBI is much better in home loan aspect. Lower rates, daily reducing, online prepayments allowed, no prepayments penalty. Taking a loan from a scheduled bank (PSU or Pvt) is always better. Learned the hard way!

 

[Mogambo]

1. Get quotes from few banks, you can consider HDFC
2. Floating rate- Current ROI are high and does not make sense to lock rates at this point in time. In floating rate your ROI will be linked to Repo rate.
3. Yes
4. Negotiate without committing anything first, so that you can get to know for yourself if it is worthwhile
5. i)Post availing loan try to make some bullet payments to reduce your loan amount and save on interest. ii)If your debt mix has other costly debt, retire that and rather take Loan against property if property valuation allows. iii) Check out home loan products which operate like overdraft, it has specific use case but come at premium and costlier than normal home loan. Only makes sense if you intend to park substantial funds and want tor retain liquidity.

1. Quotes hold 0 value.
4. How do you negotiate interest of home loan. please Explain yourself.(i believe you haven't taken home loan till now)