Help me choose Home Loan Bank

[hackymanoj]

Hello Everyone,
Can you please help me which one I can choose for home loan hdfc or BOB? Below is the comparison.

HDFC Bank – Home Loan Details

Interest rate: 7.50% (floating)

Processing fee: ₹1,500

CIBIL score: 786 (qualifies for preferred rate slab)

Loan-to-Value (LTV): Confirmed 90%

Full EMI on part disbursed amount: Not confirmed, likely Pre-EMI during construction

Part-payment policy:

Not allowed during the first 6 months

After 6 months, minimum part-payment must be at least 3 times the EMI


Rate revision (conversion) allowed after disbursement on request with a nominal fee

Imperia program eligibility:

20% of ₹1.4 crore loan = ₹28 lakhs contributes to TRV

Additional savings or investments can help reach Imperia threshold


Project is approved, simplifying documentation and disbursal

Faster processing, better digital infrastructure and customer support



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Bank of Baroda – Home Loan Details

Interest rate: 7.65% (floating)

Fee: No processing fee, only ₹4,500 login fee

CIBIL score: 786 (likely qualifies for current offer)

Loan-to-Value (LTV): Confirmed 90%

Full EMI on part disbursed amount: Allowed from day one

Part-payment policy:

Allowed from day one

No minimum amount requirement


Rate revision allowed in future based on repo movement or improved CIBIL

Project is approved, enabling faster processing

No premium banking program like HDFC Imperia

Slightly slower customer service and manual processes compared to HDFC

 

[TripleAce]

BOB The Builder!! ✅ 🏦

Private banks will initially offer better rates but later on may increase and you won’t know unless you keep a tab!!
Personal experience with ICICI.

 

[hackymanoj]

BOB The Builder!! ✅ 🏦

Private banks will initially offer better rates but later on may increase and you won’t know unless you keep a tab!!
Personal experience with ICICI.

Thanks a lot, bro. I was thinking since hdfc is giving me lower interest rate, but you helped me with the spread increase on base rate. Any other things, I need to be careful with BOB?

 

[prankster]

Go for BOB. The most important fact is "No conditions for prepayments". Private banks will suck your blood through hidden charges for rate revision to sometimes prepayment penalties too!
And once you take the loan, there are no hassles with PSUs. I have SBI HL and everything is smooth and online. If I need any help, I just email and they generally reply within a day. They help through call as well.

 

[TripleAce]

Thanks a lot, bro. I was thinking since hdfc is giving me lower interest rate, but you helped me with the spread increase on base rate. Any other things, I need to be careful with BOB?

Most people say good things about SBI and BOB when it comes to home loan but I do not have any personal experience with these two.
I had taken a home loan from ICICI but they kept increasing the rates (not as per with RBI’s repo rate) so I switched it to PNB and it was a good decision.
I think you have already researched/covered most areas so it’s good to go.
Other TF members can shed better light on the subject so please wait for more answers.
Regards

 

[Abhi1986476]

Thanks a lot, bro. I was thinking since hdfc is giving me lower interest rate, but you helped me with the spread increase on base rate. Any other things, I need to be careful with BOB?

I have hdfc home loan....initailly they offeer very good rate (6.55 %)...but after some times they incresed very fast also when RBi reducing repo rate ...they take time to reflect in account. Now i have rate 8.05
Buy home loan from BOB which give better rate than private bank.

 

[nikhilv0303]

Hello Everyone,
Can you please help me which one I can choose for home loan hdfc or BOB? Below is the comparison.

HDFC Bank – Home Loan Details

Interest rate: 7.50% (floating)

Processing fee: ₹1,500

CIBIL score: 786 (qualifies for preferred rate slab)

Loan-to-Value (LTV): Confirmed 90%

Full EMI on part disbursed amount: Not confirmed, likely Pre-EMI during construction

Part-payment policy:

Not allowed during the first 6 months

After 6 months, minimum part-payment must be at least 3 times the EMI


Rate revision (conversion) allowed after disbursement on request with a nominal fee

Imperia program eligibility:

20% of ₹1.4 crore loan = ₹28 lakhs contributes to TRV

Additional savings or investments can help reach Imperia threshold


Project is approved, simplifying documentation and disbursal

Faster processing, better digital infrastructure and customer support



---

Bank of Baroda – Home Loan Details

Interest rate: 7.65% (floating)

Fee: No processing fee, only ₹4,500 login fee

CIBIL score: 786 (likely qualifies for current offer)

Loan-to-Value (LTV): Confirmed 90%

Full EMI on part disbursed amount: Allowed from day one

Part-payment policy:

Allowed from day one

No minimum amount requirement


Rate revision allowed in future based on repo movement or improved CIBIL

Project is approved, enabling faster processing

No premium banking program like HDFC Imperia

Slightly slower customer service and manual processes compared to HDFC

Check BoB Max saver/ Max gain… it helps save interest cost if you use it to park regular savings like monthly salary
I guess it’s at same rate as you’ve mentioned

 

[prankster]

Check BoB Max saver/ Max gain… it helps save interest cost if you use it to park regular savings like monthly salary
I guess it’s at same rate as you’ve mentioned

I remember you asking somewhere whether the parked amount earns interest, did you find out?

 

[hackymanoj]

Al

I remember you asking somewhere whether the parked amount earns interest, did you find out?

Thanks for sharing the loan type.

Thanks all for sharing your insights.

Can we request banks to decrease increase interest rate if our cibil gets better?

 

[nikhilv0303]

I remember you asking somewhere whether the parked amount earns interest, did you find out?

Yes it doesn't fetch any interest - only interest saving on loan

 

[prankster]

Al

Thanks for sharing the loan type.

Thanks all for sharing your insights.

Can we request banks to decrease increase interest rate if our cibil gets better?

No idea, I have read somewhere that banks offer special interests at 825, not sure if it's just for new loans or existing also. Mine is at 801, before HL it was 786

 

[hackymanoj]

Hopefully, One last question? Do I need to take insurance or not? With Insurance it's 7.65% and without insurance it's 7.7%.

The least BOB says it can offer is 7.65% for all cases. If I can bargain without insurance for 7.65% is it worth it?

 

[prankster]

Hopefully, One last question? Do I need to take insurance or not? With Insurance it's 7.65% and without insurance it's 7.7%.

The least BOB says it can offer is 7.65% for all cases. If I can bargain without insurance for 7.65% is it worth it?

Take insurance from outside. If you take from them, you will end up paying interest on the premium alongside your HL interest. Besides, the insurance cover will only be applicable till the time you hold the loan, but if you have personal Term Insurance, you can continue it as long as possible. Finally, read the terms and conditions before you take a decision and don't rely on any agent's word, they will try to sell you policies for commissions.

 

[nikhilv0303]

Better buy outside. They might have an option to link your existing term plan with loan. Check with the agent.

I’ve yet to finalize and will let you know if I find soemthing more

Hopefully, One last question? Do I need to take insurance or not? With Insurance it's 7.65% and without insurance it's 7.7%.

The least BOB says it can offer is 7.65% for all cases. If I can bargain without insurance for 7.65% is it worth it?

 

[FinCurious]

Use BOB Max gain home loan, best loan available in the market. Don't fall in the trap of imperia etc from HDFC.
You will save intrest which is huge by keeping the fund in saving account. And more money will go towards principal which reduces your loan liability.