Guidance needed: Housing loan of 1 Crore in Hyderabad

[Enthusiast]

Hello Everyone,

I am going to apply for a 1 Crore housing loan in a month time for 30 yrs term. So, i wanted to know...

which bank/Institution gives best interest rate?
Floating Rate or Fixed rate?
Any Govt. subsidies to apply?
How to negotiate/ any tricks for a best Interest rate?
Possibility of paying bulk amounts later?
and any more points you can comment for my benefit


I am from Hyderabad and selected a flat in High rise Gated community. It is a resale flat, not buying from the developer. It is still under construction and builder forecasting to hand it over by Aug 2025. Currently, My Cibil is 786.

 

[Zacobite]

Hello Everyone,

I am going to apply for a 1 Crore housing loan in a month time for 30 yrs term. So, i wanted to know...

which bank/Institution gives best interest rate?
Floating Rate or Fixed rate?
Any Govt. subsidies to apply?
How to negotiate/ any tricks for a best Interest rate?
Possibility of paying bulk amounts later?
and any more points you can comment for my benefit


I am from Hyderabad and selected a flat in High rise Gated community. It is a resale flat, not buying from the developer. It is still under construction and builder forecasting to hand it over by Aug 2025. Currently, My Cibil is 786.

congratulations.. 30 yrs is a bummer pls keep it lower.. PSU rates are around 8.25-8.4 % but lower disbursement ( your contribution will be higher).. Pvt banks - Kotak, lic are aggressive and flexible, sbi will also be aggressive.. HDFC is the king but very finicky mostly.. LIC, SBI service is poor.. SCB HL is good... My recos.. Kotak / SCB /HDFC/ ICICI / SBI.. In that order.. basis your choice.. .. Others will have different views..

 

[Desu Sarath]

1) SBI is best because of prepayment options ( I even paid few lakhs to even 1 rupee) and service ( Others may not agree with service) and you can get wealth account.
2) Many PVT banks have so many terms and conditions that sales team themselves do not know, You may face issues and these people cannot help you.
3) Floating is best, if you want to prepay.
4) Even though they give you with low % of interest, they will increase with in 2 to 3 months ( this is with all banks)

 

[Enthusiast]

congratulations.. 30 yrs is a bummer pls keep it lower.. PSU rates are around 8.25-8.4 % but lower disbursement ( your contribution will be higher).. Pvt banks - Kotak, lic are aggressive and flexible, sbi will also be aggressive.. HDFC is the king but very finicky mostly.. LIC, SBI service is poor.. SCB HL is good... My recos.. Kotak / SCB.. Others will have different views..

Yeah, i will go for 25 Yrs mostly.

 

[prankster]

1) SBI is best because of prepayment options ( I even paid few lakhs to even 1 rupee) and service ( Others may not agree with service) and you can get wealth account.
2) Many PVT banks have so many terms and conditions that sales team themselves do not know, You may face issues and these people cannot help you.
3) Floating is best, if you want to prepay.
4) Even though they give you with low % of interest, they will increase with in 2 to 3 months ( this is with all banks)

Can you elaborate on the wealth account part? How to get this ? Any specific benefits? I have a 80Lakhs home loan with SBI

 

[Enthusiast]

Can you elaborate on the wealth account part? How to get this ? Any specific benefits? I have a 80Lakhs home loan with SBI

Could you pls share your experience of having home loan with SBI...

 

[prankster]

Could you pls share your experience of having home loan with SBI...

It was pretty decent actually, they do have a long list of procedures/documents and verifications though, but most of that was handled by the builder's banking team. I just had to get to the bank on time and sign all documents. They make you sign like 80 times on the documents!
Yono app is really good, you can make prepayments any time from 1Rs to any amount without any penalties.
Side note : Ask for loan processing and other charges. Here in MH, there are a lot of different charges, I had to pay around 53k. This might vary from state to state.
Also, the entire experience might have been different/difficult if the builder's team was not involved.

 

[Zacobite]

It was pretty decent actually, they do have a long list of procedures/documents and verifications though, but most of that was handled by the builder's banking team. I just had to get to the bank on time and sign all documents. They make you sign like 80 times on the documents!
Yono app is really good, you can make prepayments any time from 1Rs to any amount without any penalties.
Side note : Ask for loan processing and other charges. Here in MH, there are a lot of different charges, I had to pay around 53k. This might vary from state to state.
Also, the entire experience might have been different/difficult if the builder's team was not involved.

rate of loan?

 

[Desu Sarath]

Could you pls share your experience of having home loan with SBI...

check here : 1cr loan and above is eligible https://sbi.co.in/web/wealth-management/wealth-savings-current-account

 

[prankster]

rate of loan?

8.55% and cibil was 786 around the time, now its 800. They were offering 8.4 for ready possession homes. BOB was offering upto 8.45% but with some conditions like insurance and female borrower benefits.

 

[Zacobite]

8.55% and cibil was 786 around the time, now its 800. They were offering 8.4 for ready possession homes. BOB was offering upto 8.45% but with some conditions like insurance and female borrower benefits.

yeah.. now rates are 8.35 - 8.4%

 

[Enthusiast]

When you opt for Fixed Interest rate, Prepayment is possible after 6 months?

 

[Desu Sarath]

It was pretty decent actually, they do have a long list of procedures/documents and verifications though, but most of that was handled by the builder's banking team. I just had to get to the bank on time and sign all documents. They make you sign like 80 times on the documents!
Yono app is really good, you can make prepayments any time from 1Rs to any amount without any penalties.
Side note : Ask for loan processing and other charges. Here in MH, there are a lot of different charges, I had to pay around 53k. This might vary from state to state.
Also, the entire experience might have been different/difficult if the builder's team was not involved.

You should have asked for waive off. I paid NIL to SBI for home loan processing.

 

[Zacobite]

When you opt for Fixed Interest rate, Prepayment is possible after 6 months?

prepayment is allowed for floating also.. nothing v diff

 

[Enthusiast]

You should have asked for waive off. I paid NIL to SBI for home loan processing.

Could you pls explain the process of how you negotiated....

 

[Desu Sarath]

Could you pls explain the process of how you negotiated.

No, fixed interest loans attracts charges.

 

[Desu Sarath]

Could you pls explain the process of how you negotiated....

HDFC offered me with NIL charges, but I don't want to go with them. Asked same to sbi and they accepted it. I just paid stamp duty alone.

 

[Desu Sarath]

When you opt for Fixed Interest rate, Prepayment is possible after 6 months?

But why you need fixed now? Already intrest rates are in peak, there is no chance of increasing.

 

[Enthusiast]

HDFC offered me with NIL charges, but I don't want to go with them. Asked same to sbi and they accepted it. I just paid stamp duty alone.

Like HDFC offered you free processing or did you negotiated with them? and how much is your loan amount?

 

[Desu Sarath]

If you want to go with HDFC, tell to them that SBI is offering Wealth account for 1cr loan with NIL charges, and ask for either DCB or Infia as LTF.