Advice on Home Loans. Review on Taking a Loan

You will find lots and lots of material on net and banking on Home loans. Few will help or some will confuse more . I guess you do few things before you decide to buy a house.

Going for home Loan is a wise decision these days looking at the advantages even if you have enough cash in hand. Major is tax benefit you get. After recent budget the advantage is increased more on the principal, so look at home loan as part of your investment.

Do the Survey on market on which bank you would like to take up the loan. Banks have lots of offers when you take a new home loan. Do not forget to bargain as well. It is advisable if you are buying flat in group of friends, approach bank in group. They will give better offers than individual. You can go for bank where you salary account is present or your company has tied up with the bank.

My experience with HDFC is great so far - they are professional and give best service at a cost slightly higher than other banks in market. However I can see many reviews here against this bank.Again ICICI bank offers low rates in the market with a Pathetic service.

There is still way out .means while taking loan if you find they are not upto the mark, change the agent you are dealing with. It happens most of the times ICICI that they got very im-mature agents and because of them customers suffer. This way you can avail the low rate offers with less worst manner - this is again personal experience.

Now Standard Chartered offers a new concept as home saver account. In home saver account you can deposit your idle money and thus they deduct the loan amount for the deposit money . So loan amount becomes less and you can still withdraw the deposit amount if you want .

They will calculate the loan amount on the fly with deposit amount so you can make good use of idle money with you. Not promoting here this offer, if you have better investment options for idle money- go for it.

Anyway there are many banks and many offers- choose the best for yourself- look at accessibility, service, offers, interest rates of the bank.

Again you can transfer your loan to new bank few years later.however you have to pay closing charge in the existing bank and pay processing charges in the new bank-so again calculate with all this new money demands in transfer, you are still under benefit or no loss, at least in transfer!

Thanks for reading. Comments and Queries welcome.