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Old 14th September 2012, 12:14   #286
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Default re: Help with a home loan!

@mods. Don't know where exactly to put this topic,hence its here. If any other thread suits this topic, please move it.

I took a home loan from Axis bank last month and was approved on Aug 16th. This month they charged only interest for 15 days of last month of Rs.X amount and was deducted on 5th Sep from my Citi account as "cheque no.xxxxxx paid AT MAD - TO AXIS BANK LTD POWER HOME LOAN AC, UTI BANK LTD ".

But on 10th Sep again the same amount was deducted as "ECS DEBIT PAID Paid to TP Axis Bank Ltd:xxxxxx TP AXIS BANK LTD Refno: xxxx".

How can this be possible to deduct twice? I enquired with there CC and they have given 8 days to know the possible result, even after sending them the bank statement and insisting that it is there fault.

What else can i do?

Thanks,
Ramki
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Old 14th September 2012, 12:30   #287
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Default Re: Help with a Home loan EMI deducted twice!

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Originally Posted by ramki067 View Post

How can this be possible to deduct twice? I enquired with there CC and they have given 8 days to know the possible result, even after sending them the bank statement and insisting that it is there fault.

What else can i do?

Thanks,
Ramki
Ramki: I would not worry too much on this if I were you. Just take the print out of the bank statement and walk into the Retail Asset Center near your place and raise a support call. They do need some time to verify at their end on this and you will be given the due credit of the overcharged amount.

I have been a satisfied customer of Axis bank for last 5.5 yrs and this type of issue did happen with me once. I got the amount credited back in about 2 weeks. Only bad thing - they do not pay interest on our amounts
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Old 14th September 2012, 12:38   #288
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Default Re: Help with a Home loan EMI deducted twice!

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Ramki: I would not worry too much on this if I were you. Just take the print out of the bank statement and walk into the Retail Asset Center near your place and raise a support call. They do need some time to verify at their end on this and you will be given the due credit of the overcharged amount.

I have been a satisfied customer of Axis bank for last 5.5 yrs and this type of issue did happen with me once. I got the amount credited back in about 2 weeks. Only bad thing - they do not pay interest on our amounts
Oh thanks the-rare-one. Then, its no choice for me other than to wait for around 8 days as they specified, isn't it?
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Old 17th September 2012, 18:24   #289
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Default Re: Help with a Home loan EMI deducted twice!

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Oh thanks the-rare-one. Then, its no choice for me other than to wait for around 8 days as they specified, isn't it?
according to bank policies, no choice. I had a similar issue when an ATM withdrawal resulted in no money but deduction from the account. It took 7 days as it was a different bank atm.

just curious, did you give them a cheque for the interest amount and an ECS mandate too? you need to ensure this wont happen again if you have given more cheques
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Old 18th September 2012, 09:48   #290
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Default Re: Help with a Home loan EMI deducted twice!

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according to bank policies, no choice. I had a similar issue when an ATM withdrawal resulted in no money but deduction from the account. It took 7 days as it was a different bank atm.

just curious, did you give them a cheque for the interest amount and an ECS mandate too? you need to ensure this wont happen again if you have given more cheques
Well selfdrive, i got the cash transferred to my account in 2 days after my complaint, although i had to enquire the status of my complaint everyday morning and evening. Kudos to Axis on that.

I had given a cheque amounting to full loan taken and given a cancelled cheque. Also an ECS mandate was done by my agent of Axis but no other cheques and I have no idea how it got deducted with cheque no.xxxx stating

Last edited by ramki067 : 18th September 2012 at 09:49.
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Old 30th October 2012, 12:28   #291
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Default re: Help with a home loan!

Does anyone has any experience with LIC HFC, i am considering having a home loan from them and wanted to know if there are any good/bad/ugly experiences with this NBFC.

The rates are competitive and the plans are more suited for my needs hence the decision to go with LIC HFC.
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Old 30th October 2012, 14:52   #292
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Does anyone has any experience with LIC HFC, i am considering having a home loan from them and wanted to know if there are any good/bad/ugly experiences with this NBFC.

The rates are competitive and the plans are more suited for my needs hence the decision to go with LIC HFC.

Why LIC?
Get SBI - the MaxGain account is AMAZING.
And the rate they are offering is 10% I think.
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Old 30th October 2012, 16:36   #293
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Default re: Help with a home loan!

Iam planning to get a top-up on my existing Home Loan ( 15 Lakhs). when I enquired with my HL bank ( ICICI Bank) the CS executive said, they give 20% approximate of original loan as top-up and existing rate of interest is 12.25%

Can someone throw light if above is true and also what's the present best rate for home loan?

Also, top-ups and new loans are treated same in terms of interest charged?
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Old 30th October 2012, 16:47   #294
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what's the present best rate for home loan?
I am getting one at 10.5 - 11 from LIC HF, and i believe SBI is even lower only problem they are currently working on approving the project. My friends tell me PSU Banks are better when it comes to Loan and Support thereafter.
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Old 30th October 2012, 17:06   #295
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Why LIC?
Get SBI - the MaxGain account is AMAZING.
And the rate they are offering is 10% I think.
The rate is 10.25 upto 30 Lakh loan ,
If you are parking some money in Current Account to save on interest in maxgain please do remember you can withdraw the same if and only if you have got possession of the home. So do not park any money you are supposed to spend towards the margin amount ( your share of the home cost). So the saving on interest happens once you get the possession.

Example : If you take homeloan in Jan 2012 and suppose project compleation date is in Dec 2014 and by Oct 2012 you have disbursed some 40% of the amount any amount you will keep in current account now will save interest but you will not be able to withdraw till Dec 2012.

So suppose if you have marked some money which you need to spend from now till Dec 2014 do not keep it in maxgain before Dec 2014

Citibank , HSBC etc also have mortgaged linked OD products but they do not have this silly condition but they do the floating interest rates are usarious in long run.
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Old 30th October 2012, 17:28   #296
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The rate is 10.25 upto 30 Lakh loan ,

Citibank , HSBC etc also have mortgaged linked OD products but they do not have this silly condition but they do the floating interest rates are usarious in long run.
Here in Pune, the SBI rate right now for below 30L is 10%.

EMIs before possession are a big problem anyway - no tax benifits, etc.

Did Citi actually give loan to anyone you know? We all have Salary account with them and when many of us approached them for home loans, they did not care. Nobody called back, no nothing.

Yes, HSBC was the first one to advertise such OD loans years ago, but never bothered to bother them as SBI looked fantastic.
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Old 30th October 2012, 17:47   #297
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Quote:
Originally Posted by anandpadhye

Here in Pune, the SBI rate right now for below 30L is 10%.

EMIs before possession are a big problem anyway - no tax benifits, etc.

Did Citi actually give loan to anyone you know? We all have Salary account with them and when many of us approached them for home loans, they did not care. Nobody called back, no nothing.

Yes, HSBC was the first one to advertise such OD loans years ago, but never bothered to bother them as SBI looked fantastic.
I have SC home loan with this OD facility... Currently I am charged 11.25... Even I am planning to shift to SBI with same facility
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Old 30th October 2012, 17:59   #298
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Default re: Help with a home loan!

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Originally Posted by anandpadhye View Post
Did Citi actually give loan to anyone you know? We all have Salary account with them and when many of us approached them for home loans, they did not care. Nobody called back, no nothing.

Yes, HSBC was the first one to advertise such OD loans years ago, but never bothered to bother them as SBI looked fantastic.
Yes I took loan from Citibank in 2003 and closed few years later.
The biggest problem was interest rate it kept on climbing up and though I had parked money in OD account which was almost equal to the remaining principle and my interest outgo was minimal this rate increase thing seemed never ending so one find day I closed the loan and got my documents back.

The service quality was excellent and If I compair with SBI the difference is stark. With SBI I have to go to RACPC branch in one corner of city for anything and beaurocracy is amazing while with Citi it was just a phone call.
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Old 30th October 2012, 18:21   #299
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Originally Posted by amitk26 View Post
The service quality was excellent and If I compair with SBI the difference is stark. With SBI I have to go to RACPC branch in one corner of city for anything and beaurocracy is amazing while with Citi it was just a phone call.


For annual interest certificate for tax purposes, I had to go to the SBI branch, but not otherwise.

Last month, I saw they charged me higher monthly interest so I called the 1-800 number and registered a complaint. They reversed the excess debit in 3 days and the officer from the branch called me asking me to call her directly in case of such issues in the future instead of going via 1-800. She even sent me an email so that I can reply to that mail-id anytime I need. Honestly never expected such a good service from a government bank. Of course, why they charged me excess interest is a good question:-)
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Old 30th October 2012, 19:50   #300
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Default re: Help with a home loan!

I have a 20 year home loan with LIC housing finance ltd. I have managed to bring down the total outstanding by a good margin in the last 5 years and have a small balance left.

I plan to pay off this balance by next week. considering that i will be paying off the entire balance, wanted to know what are some of the important points that I should keep in mind while closing the loan

Other than the original land documents, any other documents/ letters/ acknowledgment. etc that i should request ?
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