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Old 13th April 2017, 19:17   #511
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Default Re: Help with a home loan!

With ref to HDFC home loans, what does the following mean:
Your ECS Debit mandates are being converted into ACH mandate with NPCI"
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Old 13th April 2017, 19:34   #512
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Default Re: Help with a home loan!

Quote:
Originally Posted by condor View Post
With ref to HDFC home loans, what does the following mean:
Your ECS Debit mandates are being converted into ACH mandate with NPCI"
It only means that your EMI Processed earlier by the bank through the ECS will now be processed via NACH (Another better Centralised clearing service).

Read more here:

http://www.financialexpress.com/indu...o-know/300649/
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Old 13th April 2017, 21:32   #513
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Default Re: Help with a home loan!

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Originally Posted by condor View Post
With ref to HDFC home loans, what does the following mean:
Your ECS Debit mandates are being converted into ACH mandate with NPCI"
I also got this message today...

Quote:
Originally Posted by paragsachania View Post
It only means that your EMI Processed earlier by the bank through the ECS will now be processed via NACH (Another better Centralised clearing service).

Read more here:

http://www.financialexpress.com/indu...o-know/300649/
...and searched internet to reach this site.

What I understood is that all in all it has no impact on us but reduces turn around time for banks.
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Old 13th April 2017, 22:35   #514
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Default Re: Help with a home loan!

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Originally Posted by sourabhzen View Post
What I understood is that all in all it has no impact on us but reduces turn around time for banks.
But the message also contains a line that " ..maximum EMI deductible amount which is higher than your current EMI .. "
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Old 13th April 2017, 22:54   #515
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Default Re: Help with a home loan!

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Originally Posted by condor View Post
But the message also contains a line that " ..maximum EMI deductible amount which is higher than your current EMI .. "
"Message may contain maximum EMI deductible amount which is higher than your current EMI. Please note that your deduction will continue as per the current arrangement."

Message may have higher value mentioned but the deduction well be as peer current arrangement i.e. same amount as now. That is what my understanding is.
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Old 10th May 2017, 08:31   #516
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Default Re: Help with a home loan!

I intend to sell my apartment and the buyer's bank is asking to provide my bank account statement for the past 6 months. When I asked him why it is required, he said it was required for CIBIL purpose. Has anyone been asked the bank statements when selling?

1. What documents will the banks ask from the seller during the sale process?
2. Is it recommended to take the cheque or DD from the bank?
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Old 10th May 2017, 11:44   #517
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Default Re: Help with a home loan!

Quote:
he said it was required for CIBIL purpose
Never heard, you are not applying for a loan, perhaps they want to check if by any chance you have mortgaged this property or taken a loan but again they should ask for original papers.

Quote:
What documents will the banks ask from the seller during the sale process?
Can vary but primarily, Starting with copy of original allotment and subsequent changes ( chain of all owners), Mutation / Registration deed, Occupation Certificate, Maps of the property.

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Is it recommended to take the cheque or DD from the bank
Cheque should be ok but better ask them to make a draft. But it will be dependent on Bank policy.
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Old 5th June 2017, 14:18   #518
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Default Re: Help with a home loan!

I need to apply for a home loan and I used bankbazaar portal to determine the best rates. I had PNB and HDFC give me the best rate of 8.3% (with spouse as co-applicant) but my Kotak relationship manager tells me that he can give me 8.1 or 8.15%.

As per him rate is not an issue at all. I share a 10 year long relationship with the bank with their best savings account as well as one of the good current accounts for my wife's business.

However, one person told me that he can give me 8.1% now but since the rate is going to be floating, they'll increase it soon after. Another theory is that while they'll promise 8.1% now, after about 10-15 days they might just tell me that the max they can give me is 8.3% and since that's the best I'm getting anyways, I'll have no option but to go with them given that I would've lost 10-15 days already.

What do you think guys? What other things to consider when applying for a loan?
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Old 5th June 2017, 14:19   #519
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Default Help with a home loan!

Please do not fall for such low home loan rates. No private lender has the capacity to sustain rates lower than ones offered by large PSU banks like SBI / BoB etc.
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Old 5th June 2017, 15:15   #520
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Default Re: Help with a home loan!

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Originally Posted by abhjain View Post
Please do not fall for such low home loan rates. No private lender has the capacity to sustain rates lower than ones offered by large PSU banks like SBI / BoB etc.
Thanks for your response. But by the sustenance part you mean that even if they give me 8.1% now I might end up paying more everytime they revise the rates.

Is PNB good when compared SBI/BoB because when I checked for my eligibility on bankbazaar only PNB showed 8.3% while others were high.

EDIT: By PNB I mean PNBHFL.

Last edited by fine69 : 5th June 2017 at 15:18.
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Old 5th June 2017, 15:57   #521
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Default Re: Help with a home loan!

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Originally Posted by fine69 View Post

EDIT: By PNB I mean PNBHFL.
Please avoid Non-Banking Financial Institutions.

LICHF/HDFC/PNBHFL all are basically NBFC's and I would suggest to avoid them by a barge pole. They may give you attractive joining rates, but soon you will find your rates not coming down in line with the market rates.
It is mandatory for banks to increase/decrease rates in line with RBI base rate, but NBFC's have no such obligation.
Few of my colleagues have loans with HDFC (not HDFC Bank). They mistook HDFC as a bank and now have to pay ~10-12k every time they want to bring their home loan rates in line with the market rates.
I on the other hand have taken a loan from Citibank (since 4.5 years now) and despite being told to avoid it then, have had a very good experience. There have been timely reductions to the rate and most of the time my Citi rates were lower than the SBI loan a colleague has.
Of course, I am on the old method i.e. Base rate linked with RBI, but even then my rate currently stands at 9.1% which is damn good. Citi also gives me an option to shift to MCLR method free of cost, and I am currently thinking of moving to MCLR.

Net net, all that I am trying to say is take the loan from banking institution. Even if it is a Private bank, you will be better off with it as compared to NBFC.
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Old 5th June 2017, 16:08   #522
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Default Re: Help with a home loan!

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Originally Posted by fine69 View Post

What do you think guys? What other things to consider when applying for a loan?
You need to understand that there are banking institutions which provide HL and there are NBFC's which provide the same. The NBFC's (LICHFL, CANFIN, HDFC) are not regulated like the banking institutions to follow RBI guidelines in terms of passing on rate cuts to the customers as and when they happen. They however pass on the increase in interest rate almost immediately to the customer.

Keeping this in mind, I would suggest that you contact your nearest SBI any other banking institution directly and ask for a home loan. The property you are buying, do they not have a tie up with a bank to provide loans?

My suggestion based on my personal experience is to stick with the Banks and avoid the NBFC's as much as possible.
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Old 5th June 2017, 16:09   #523
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Default Re: Help with a home loan!

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Originally Posted by vinit.merchant View Post
It is mandatory for banks to increase/decrease rates in line with RBI base rate, but NBFC's have no such obligation.......
Net net, all that I am trying to say is take the loan from banking institution. Even if it is a Private bank, you will be better off with it as compared to NBFC.
Wow, never knew about this, many thanks mate!!

Let me share my situation with you. I've paid the token amount to the seller and agreed on a 75 day window for making the final payment. I'm looking at about 50% of the property price as home loan (70 lakhs), rest I have funds ready.

I was going through various accounts of people who've tried to get the loan sanctioned from SBI and at times its taken them 2 months so I don't want to be in a situation when I'm running against the clock.

I have my salary account with HDFC bank but on bankbazaar I see options from HDFC Ltd. (which I'm assuming isn't the bank) and PNBHFL. Since this salary account is there for about 8-9 years now is that an advantage if I decide to go with HDFC bank. Similarly, I've got decent money parked in the savings account also which is with Kotak bank.

While I know that PSUs are preferred since the initial documentation hassle is pretty much negligible with banks like ICICI/HDFC/Kotak isn't it better to go with either of these banks (I guess ICICI has a slight advantage, isn't it) and once the loan starts I can shift to a PSU later in case I see too much deviation w.r.t. interest rates?

Then there's this story where my broker said that its better that I get the home loan deal through his known agent as the agent will get everything done himself while I'll just sign the documents. This agent is for ICICI. I don't have an account in ICICI so don't know if that's a disadvantage though. The advantage I see here is that the broker & agent would deal with everything while I just sit back and sign documents.

EDIT: The property I'm buying is a resale deal in Noida, its a 10 year old apartment.

Last edited by fine69 : 5th June 2017 at 16:18.
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Old 5th June 2017, 16:31   #524
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Default Re: Help with a home loan!

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Originally Posted by fine69 View Post
Then there's this story where my broker said that its better that I get the home loan deal through his known agent as the agent will get everything done himself while I'll just sign the documents. This agent is for ICICI. I don't have an account in ICICI so don't know if that's a disadvantage though. The advantage I see here is that the broker & agent would deal with everything while I just sit back and sign documents.

EDIT: The property I'm buying is a resale deal in Noida, its a 10 year old apartment.
ICICI does not have a separate NBFC arm to lend (like in case of HDFC & HDFC Bank) and since it is all linked to MCLR, I do not see any problem with them playing with rates to their advantage. Though ICICI is not a bank that comes to mind while recommending, since all is linked to MCLR, I would say it is safer & better than any NBFC's.

Last edited by vinit.merchant : 5th June 2017 at 16:32.
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Old 9th June 2017, 17:57   #525
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Default Re: Help with a home loan!

I'm going to meet the SBI Branch Manager on Monday to talk about the rates etc. but I'm told that SBI would ensure that I'd buy their insurance policy on home loan otherwise they might not approve the loan. I do not have any term insurance policy either.

It looks like the premium for the insurance is amongst the highest in the market so is it possible that the rates that I get from ICICI + insurance premium is actually better than the rate I get at SBI + insurance premium?
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