HOME LOANS
Interest rates charged on different loans vary across various banks. There are several kinds of interest rates, some of which may not be available in the market currently. Most commonly offered rates areSpecial Home Loan schemes:
Standard Chartered Bank - Home Saver Account . Along with the Home Loan, your will get a FREE current bank account into which you may deposit your monthly salary. The EMI for the loan will be automatically reduced from your account. The excess balance in your savings account will be saved interest that will be adjusted against your future EMI payments. The bank claims that the effective interest rate gets reduced by upto 45% because of this scheme.
One can deposit and withdraw your money (salary and other income) whenever you need, without any charges
Interest is calculated on daily balance and applied monthly.
Refinance your loan: Transfer your existing high interest loan to a lower interest Standard Chartered Bank home loan (as per the applicable current rates) and save on interest. We will also finance the prepayment charges if you so wish.
Citi Bank offer loans with no guarantors. Most banks require that you present a guarantor who will back you up if you default on your loan repayment. It can often be embarrassing to ask friends to stand guarantor as most banks do not accept relatives as guarantors.
Loan up to Rs. 5 Crore & Flexible repayment tenure up to 25 years
Citibank gives home loans upto 80% of the property value. Flexibility to pay interest only during construction period also no penalty for partial prepayments.
Citibank offers a flexi-savings account to reduce your cost of borrowing. The bank will automatically open a Saving Account from which you can give standing instructions to deduct the EMI payments for the loan. You can then prepay the loan at any point in time and be given instant credit for the same, in case you get a large lump-sum annual bonus from your employer. Should you require money in an emergency at any point you can avail of a over draft on this savings account at an interest rate that is the same as that on your Home loan. This works out much cheaper than taking an over draft on a normal savings account
Dewan Housing Finance and LIC Housing Finance Ltd. offers consumer loans to their existing Home Loan customers at a discount to market rates. The customer has to be a housing loan borrower for the period not less than 6 month with a good repayment record
FREE TRIPLE PROTECTION PLAN in the form of Loss job of customer, Personal accident life cover and Property cover against natural calamities
Option to choose between Fixed and Floating rate of interest
Safe Document Storage Facilities: HDFC has state of art storage facilities, which are theft and fire proof, at various locations where loan and property documents are stored. In this way valuable documents are stored safely over the period of the loan and are released almost immediately after a customer repays his loan
A customer, after availing of a loan can approach HDFC anytime thereafter to increase the Equated Monthly Instalment which will help him repay the loan faster.
Home Conversion Loan offered to its existing customers who are interested in moving to a new house. Through this scheme customers can apply to have their existing loan transferred towards the purchase of the new home. Customers may also apply for an additional loan amount for the purchase of the new house. This gives the customer the option of selling their existing house, if they wish to, without having to repay their old loan
The fixed rate loan can be converted to floating without any penalty charges. However, you will be charged 2% if you refinance the loan from another company
There is a discounted start-up fee for Government employees. The Administrating fees stand reduced from 0.7% to 0.5% only.
Free triple insurance - property cover, earthquake cover and personal accident cover. given free along with the loan ( not available for the Floating rate loan)
You can prepay the entire loan in any year without any prepayment penalty. Each prepayment has to be atleast 10% of the outstanding loan. Howvere, the floating rate loan has a 1% prepayment penalty.
Home Loan (Fixed) :
Fixed Home Loan interest rate for 3 years 12.25% & 5 years 12.50%.
Reverse Mortgage Loan(Floating):
Fixed (re-phasement after every 5 years ) interest rate 12.25%
Special Home Loan with a Life Insurance ::
You can avail of a special insurance cover on your IDBI home loan for a small premium. For most of us, buying a house is an important milestone in our lives. IDBI Bank, understand your concerns. Home Loans are now accompanied by a specially-designed insurance cover. So even if calamity strikes, your family needn't worry about the loan.
So this is great oppurtunity to choose home loans
If you are planning for home loans.
Wish you all the best
