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My experience is good so far. Branch people were helpful and got my loan transferred without any hiccups.
I had compared the rates with SBI home advantage product and intrest rates were cheap for BOB. So went with them.
youkarthik
TF Buzz
Does HDFC has this OD loan option? I already have home loan with HDFC can i make use of the OD feature?
Thanks for giving more information. Unfortunately BoB seems to be working with sales (or different division) and they are either not present in branch or not knowledgeable or not interested. I went to SBI and dude there helped me even during his lunch break (colleagues were calling him on cell and left in front of me). But there processing fees is 0.50%.
Will try with Axis or ICICI later. Want to get the process done smoothly and ASAP.
Not present in HDFC. I also wanted HDFC as I have heard they are efficient and fast in processing.
ICICI maybe there (earlier was- now can't find listing), Axis is there, Kotak IS NOT there.
You only 😛
You were interested in the product ( Post #25 and recent BoB debit card post AFAIR). What docs were needed and timeline of process, if you can.
Thanks In Advance. 🙂
What is good about HSBC Smart Loan? I know it is OD, but compared to Indian banks, is it more efficient or fast or less documentation etc...?
I want to progress with it ASAP, got great property at decent price (no profit-loss co-operative) and LTV is around 50% only but EMI/NMI would reach 60%, so that is why scouting many banks.
I think they had but not anymore.
From the looks of it, BOB's OD Home Loan is good. It's Savings A/C also makes you eligible to decent DCs like BOB Easemytrip, BOB Sapphire etc. (all except Rupay wellness apparently). But all this is only hearsay! My HL is construction-linked, and I am waiting for my project's OC/ registry, to be able to port.
Did you have to make 'Asset Liability Certificate'? Do I have to self attest or get it by CA?
S
I do not remember making any such document.
I am having loan against property as for non home purposes from pnb finance at 10% and now they have agreed to switch to it to 9.15% after paying some switch fees(My loan amount is >1.2 Cr)..
So what do you suggest like should i transfer this loan to bob or sbi in these od accounts or any other alternatives as still seems 9.15% is higher..
Experts kindly help in it @Finchamp! @FinCurious
So what do you suggest like should i transfer this loan to bob or sbi in these od accounts or any other alternatives as still seems 9.15% is higher..
Experts kindly help in it @Finchamp! @FinCurious
General rule of thumb :-
1. Check as much banks you can check for the intrest rate and processing fee and make a list.
2. First preference always should be OD account if intrest rate are similar. Even can consider little higher if you are getting regular funds or keeping some emergency funds/FDs. As same can be parked in OD loan account.
3. Prefer PSUs like BOB, SBI in place of private sector as homeloan is more about intrest and not service. Its a long terms commitment and you do not need to take bank services once loan is processed. PSUs bank generally align the intrest rate with RBI fluctuations better then private bank.
With these rules in mind do you analysis, your loan amount is big, try to repay as much as you can in early years.
I have my home loan currently with BOB with OD account where i have parked all my emergency fund. Intrest rate is 7.45%.
Yours is non homeloan so plz do comparison of what rates banks are offering.
Yup! This sums up..Loan with OD helps you save a lot in the long run..interest saved is interest earned. Also, completely concur with my learned brother on preferring PSU banks over private banks for such loan products.
Thanks for the help.. i am just now making all list of interest rates and all processing charges which to bear if i do balance transfer to other psu’s..
And have one more query like as i have read everywhere that this od account is just for home loan,mine is non home loan so will i be eligibel for this od linked account or not?
