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Best Bank for Home Loan

Discussion in 'Home finance' started by real_buzz, Oct 16, 2011.

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Best Home loan Institution in India?

HDFC 11 vote(s) 68.8%
SBI 6 vote(s) 37.5%
IDBI 5 vote(s) 31.3%
HSBC 1 vote(s) 6.3%
LIC Housing Finance 6 vote(s) 37.5%
ICICI Bank 6 vote(s) 37.5%
Axis Bank 5 vote(s) 31.3%
Others 2 vote(s) 12.5%
Multiple votes are allowed.
  1. real_buzz Moderator

    Best bank for home loan is a very common question in today's world. I think more than 90 per cent home buyers depend upon home loan to buy real estate properties. In India where interest rates are hiked very often by Reserve bank of India, Home loan buyers are often impacted. Now, banks can't do much if central bank is increasing loan, but there are other parts of a home loan where bank choice can significantly matters.

    There are numerous banks and finance companies which are offering home loans, at first glance most of the offers sound really attractive. But when you go and deal with them, often you will realize that you gave business to a wrong bank.

    Now the question is which one to choose. So i will request others to share their thoughts on this. This is a very vital information which can simply change the way we deal in home finance. So please vote for your favorite banks and let us know if there are any which is not listed in the list.

    And it is better if you share more information about them like any particular issue which can elaborate the reason behind your selection.
  2. admin Administrator

    It's a wonderful poll, i have voted and expected others to vote as well. It is going to help millions of people who are looking for home loans.
  3. zameen Member

    I think central bank is also good, but as it is a PSU, it takes longer to approve and disburse loan.
  4. roop_kumar Member

    I think corporation bank is also a good bank to deal with
  5. ramdev Member

    I think HDFC is the best because it's like hybrid of government and private sector banks. SBI is second best because of the services rather than anything else.
  6. sachin New Member

    I think SBI is best closely followed by LIC Housing finance.
  7. baldev New Member

    my vote goes to SBI. They are most cost effective in indian home finance industry
  8. asif New Member

    I think HDFC is the best.
  9. raj_ddlj New Member

    HDFC and LIC Housing finance are the best
  10. ramchandran New Member

    Along with those which are mentioned here, Bank of Baroda is also very good.
  11. tcool Member

    HDFC is the best bank for home loans.
  12. norman pakes New Member

    HSBC for me is the best bank on taking a loan for your dream home.In Finland i use to be an agent in kiinteistönvälitys klaukkala or real estate klaukkala and most of the seller are getting loan to HSBC and they said it is really a good bank to lend money.
  13. bojemrythem Member

    Home loan is essential source of finance for buying a house. I think all banks good for home loan. But Its depend on us that which type of features and services need in our home loan because all bank provide different service for home loan.
  14. copplemanfarr New Member

    The interest rate home loans are so tenure for planning construct the individual floating rate. The Fix rate for the home is very entire point to increase the revise borrower of the loans.


  15. Ritu Mehta Member

    Flexible tenure of upto 25 years.
    • Minimal documentation and faster approvals.
    • Easy Home Loan available wherein you can save interest by maintaining balance in a linked account.
    • Eligibility & Loan Criteria
    • Home Loan can be availed by Salaried Individuals, Self-Employed Individuals and Self-Employed Professionals.
    Loan Against Property can be offered to Indian Residents only
    • Salaried Individuals
    • Minimum net monthly income of Rs 120,000 per annum
    • Minimum age at Loan sanction – 24 years. Maximum Age at Loan maturity-60 years or super-annuation whichever is early
    • Work Experience of minimum 1 year at current job and 2 years of total experience. If current job is less than 1 year then 3 years of total experience required
    • Self-Employed Individuals and Professionals
    • Minimum net annual income as per latest year ITR / Financials of Rs. 150,000
    • Minimum age at Loan sanction – 24 years. Maximum Age at Loan sanction-65 years
    Business continuity of last three years in the same field
    • List of Documents Required
    • PAN Card – For Individual / Partnership Firm / Company
    • Identity Proof – Any one (Voter ID / Driving License / Passport / Photo Debit Card)
    • Address Proof – Any one (Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement Bank Statement / Ration Card / Co-operative Housing Society Receipt)
    • Ownership proof of either residence or office either in name of applicant or jointly with family members.
    • Business Continuity Proof – Any One document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / COI / Partnership Deed)
    • Unsecured Repayment Track Record of minimum 18 months
    • Letter certifying end use of the business loan funds on Business Letterhead
    • Passport Size Photographs
    • Any other valid Photo ID card issued by central or state government
    • List of Financial Documents Requirement
    • For Salaried
    • Last 2 year Income tax returns or Latest 3 month salary slip or Latest Form 16 issued by the employer
    • For Self-employed Individuals
    • Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c, Computation of Income along with all schedules)
    • Bank statements from the Borrowers Main account/s for last 6 months and 3 months of all other Bank accounts mentioned in the Balance Sheet
    • For Self-employed Professionals:professional Qualification certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.)
    • Eligibility & Loan Criteria
    • Home Loan can be availed by Salaried Individuals, Self-Employed Individuals and Self-Employed Professionals
    • Loan Against Property can be offered to Indian Residents only
    • Salaried Individuals
    • Minimum net monthly income of Rs. 120,000 per annum
    Minimum age at Loan sanction – 24 years. Maximum Age at Loan maturity-60 years or super-annuation whichever is early.
    • Work Experience of minimum 1 year at current job and 2 years of total experience. If current job is less than 1 year then 3 years of total experience required.
    • Self-Employed Individuals and Professionals
    • Minimum net annual income as per latest year ITR / Financials of Rs. 150,000
    • Minimum age at Loan sanction – 24 years. Maximum Age at Loan sanction-65 years.

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