Home loan from HDFC Bank

[noob69]

I am looking to take a home loan from HDFC and have a couple of questions

1. I am taking floating rate interest, and the agent says there won't be any charges when rate decreases due to the repo rate change in this case. However hdfc website says otherwise.

2. Agent says that I have to bear the Legal charges involved. I have heard that sometimes banks get it done without changing customers.

3. On some forums people are saying that there is no option to make part payment online and one has to go to a branch but the agent says it can be done online.

4. Heard from some people that HDFC charges for making part payment and foreclosure however the agent says there are no fees after 6 months of disbursement.

Would love to know from existing home loan holders from HDFC Bank. TiA!

 

[Vasuki]

I am looking to take a home loan from HDFC and have a couple of questions

1. I am taking floating rate interest, and the agent says there won't be any charges when rate decreases due to the repo rate change in this case. However hdfc website says otherwise.

2. Agent says that I have to bear the Legal charges involved. I have heard that sometimes banks get it done without changing customers.

3. On some forums people are saying that there is no option to make part payment online and one has to go to a branch but the agent says it can be done online.

4. Heard from some people that HDFC charges for making part payment and foreclosure however the agent says there are no fees after 6 months of disbursement.

Would love to know from existing home loan holders from HDFC Bank. TiA!

Yes
Hdfc is changing post merger .
Earlier home loan from hdfc was hussle.
Now after merger things are getting smooth.
Now hdfc home loan portfolio has grown leaps post merger .


Foreclosure is charged bcz hdfc bank & hdfc were different entities back then even hdb .

For home loan directly deal with Manager. If manager don't entertain.. complaint about bad behaviour of those mfs .. even the shady agents
Which hides so many things while giving loans .


Enquire - enquire untill u fully satisfied don't avail .

 

[Vasuki]

I am looking to take a home loan from HDFC and have a couple of questions

1. I am taking floating rate interest, and the agent says there won't be any charges when rate decreases due to the repo rate change in this case. However hdfc website says otherwise.

2. Agent says that I have to bear the Legal charges involved. I have heard that sometimes banks get it done without changing customers.

3. On some forums people are saying that there is no option to make part payment online and one has to go to a branch but the agent says it can be done online.

4. Heard from some people that HDFC charges for making part payment and foreclosure however the agent says there are no fees after 6 months of disbursement.

Would love to know from existing home loan holders from HDFC Bank. TiA!

1- intrest rate - .see repo rate didn't change in 1+ year now hence he said this but ukik it can change but not before election

2- legal charge - yes if ur land inspection happens & property evaluation . Person have to wear charges ( u can ask for expections but it's the Rule)

3- part payment/ pre payment can be done offline only bcz even after merger the system isn't fluid . They are still merging don't know till when 🥸🥸.
4- yes there are foreclosure charges for even consumer loan . Bcz hdfc bank & hdb finance wasn't one thing but two sons of hdfc family tree now mergering




Fun fact- Before merger hdfc home loan - hdfc bank has to take permission from hdfc to process home loan .
Like a Beurocratic system of different ministry of gov

 

[MrJJ]

One thing you must learn whether easy way or hard way is to never trust agent or bank employees. If they insist on something tell them to give it in written (prefer official email).
They are selling the product (loan) and you are buying it, so bargain as much as possible, it will be beneficial in the long run.

 

[sidp]

1. I am taking floating rate interest, and the agent says there won't be any charges

2. Agent says that I have to bear the Legal charges involved.

1. Floating rate means it will change. But most likely it won't harm you as currently ir is stable at a high rate. Chances of its increasing considerably is very low. But keep in mind that if it increases, many issuer keep the emi constant and increase the term. They dont even report it to the debtor. So you have to keep that in check. Or to make sure that term isn't extended even in case of ir increase.
2. Yes legal charges &processing feesshould be borne by customer. But branch can partial or fully waive those charges. Depends on your relationship value, their target & your negotiation skill. My suggestion would be try to maintain balance for preffered at least.

3. On some forums people are saying that there is no option to make part payment online and one has to go to a branch but the agent says it can be done online.

4. Heard from some people that HDFC charges for making part payment and foreclosure.

3. For part payment bank generally ask to visit branch. Idk whether it is possible online.
4. Not only hdfc charges foreclosure fee, it's actually more than industry standard.

Edit: as pointed out by others no foreclosure fee for floating ir HL.

Whatever you do, record all promises. Mail rm/bm on official mail id(not agent). And write ur understanding of deal and ask them to acknowledge in mail if your understanding is correct. Write that you want this assurance cuz you found discrepancy in what agent told , and what you came across in hdfc website.

 

[SamPtnk]

Check SBI

If you have decent Cibil and salary they offer rates lower than Hdfc

 

[Zacobite]

I am looking to take a home loan from HDFC and have a couple of questions

1. I am taking floating rate interest, and the agent says there won't be any charges when rate decreases due to the repo rate change in this case. However hdfc website says otherwise.

2. Agent says that I have to bear the Legal charges involved. I have heard that sometimes banks get it done without changing customers.

3. On some forums people are saying that there is no option to make part payment online and one has to go to a branch but the agent says it can be done online.

4. Heard from some people that HDFC charges for making part payment and foreclosure however the agent says there are no fees after 6 months of disbursement.

Would love to know from existing home loan holders from HDFC Bank. TiA!

1) Floating rate if linked directly to a benchmark will chg automatically.. within 2-3 months basis reset date.. if not linked then banks are slow to pass on.. never chgd unless you ask for an out of turn reduction

2)Legal chgs of what? new loan yes, any rate chg has no legal chgs as its just a modification

3)Part payment is usually available online if you have hdfc account else you may need to visit branch

4)No charges for foreclosed or part payment allowed for floating rate loans.. there maybe a lockin and a limit you can prepay at one go.

 

[viswanath.t]

if your from andhra pradesh. i can share a agent.no if u want to cross verify

 

[Zacobite]

if your from andhra pradesh. i can share a agent.no if u want to cross verify

i am telling you what is the right process. maybe your agent may not be well informed.. go to another bank. don't pay so much

 

[amitr29]

Let's not give wrong info...

On Floating rate home loans, there can't be any foreclosure charges as per RBI mandate. Doesn't matter which bank it is.

Legal charges have to be paid, until you take loan through agent and he reimburse you from payout he gets.

 

[Zacobite]

Let's not give wrong info...

On Floating rate home loans, there can't be any foreclosure charges as per RBI mandate. Doesn't matter which bank it is.

Legal charges have to be paid, until you take loan through agent and he reimburse you from payout he gets.

exactly what i said!! which part is wrong?

 

[amitr29]

exactly what i said!! which part is wrong?

Bro, you were right 💯..Was talking about others who have mentioned charges are must for foreclosure