What is your HDFC home loan interest rate?

[d3rvish]

Wondering if a substantial number of people are under 8.50%, so I can negotiate a lower rate for myself. My rate is 8.50% at the moment. Thanks.

 

[sxchzy]

loan rates dont work like that
even for a 20-50 bps rate reduction approvals up the chain are required.
and rates defer from property to property person to person basis on their occupation salary age dependants etc

 

[Shubham Yadav]

Wondering if a substantial number of people are under 8.50%, so I can negotiate a lower rate for myself. My rate is 8.50% at the moment. Thanks.

Substantial number of people under 8.5% does not become a basis for you to negotiate a lower rate for your home loan interest. You will have to talk with bank on you basis of NRV and threating to transfer your home loan .

 

[d3rvish]

Yeah, I know various other factors come into it - including that, obviously, various approvals are required. I've had a downwards adjustment made to my rate before. I just wanted a broad sense of what the median rate is, to be able to base my approach on, if I decide to talk to them.

 

[sxchzy]

a

Yeah, I know various other factors come into it - including that, obviously, various approvals are required. I've had a downwards adjustment made to my rate before. I just wanted a broad sense of what the median rate is, to be able to base my approach on, if I decide to talk to them.

as i said even if 100 people here say their rate is 8% for you getting 8 would be based on your credit and financial profile

 

[Shubham Yadav]

Yeah, I know various other factors come into it - including that, obviously, various approvals are required. I've had a downwards adjustment made to my rate before. I just wanted a broad sense of what the median rate is, to be able to base my approach on, if I decide to talk to them.

Indeed thats right

Can u tell me what was your overall experience with HDFC for home loan like

Processing fee
Interest negotiation
Other charges
Total time taken

 

[d3rvish]

Indeed thats right

Can u tell me what was your overall experience with HDFC for home loan like

Processing fee
Interest negotiation
Other charges
Total time taken

It was pretty decent overall. Their representative was patient and responsive and I met him three or four times, spending about five or six hours in total, during which he answered all my questions, before I decided to go with HDFC. Of course, your mileage may vary on this front, since it depends on the individual in question. Generally, if you give them a sense that you're seriously considering them, they'll be more responsive and forthcoming with information.

Processing fee, I don't really remember - something like Rs 3500? Think it might have been waived off, as part of some promo. In any case, it's small enough that it's not something I would waste time haggling over.

The initial interest negotiation I didn't go very hard. I think he committed to 8.10%, saying he'd need to check with his superiors etc for lower, and on the day of disbursal/signing, "surprised" me with 8%. Obviously that was his figure all along and the only question was when he would offer it. This figure, of course, was a few rate hikes ago.

Other charges, I don't remember the specifics, but they were all on par with other lenders. And there were no surprise hidden charges revealed at the last minute. I asked them to be upfront on those and they were, 100%.

The only minor negative I can talk about is that they insist on the home insurance being from HDFC Ergo, and not any other GIC.

EDIT: Their customer service after the disbursal of the loan has been pretty good too. They get back pretty quickly when I email them for any info or about wanting to make a prepayment.

 

[Shubham Yadav]

It was pretty decent overall. Their representative was patient and responsive and I met him three or four times, spending about five or six hours in total, during which he answered all my questions, before I decided to go with HDFC. Of course, your mileage may vary on this front, since it depends on the individual in question. Generally, if you give them a sense that you're seriously considering them, they'll be more responsive and forthcoming with information.

Processing fee, I don't really remember - something like Rs 3500? Think it might have been waived off, as part of some promo. In any case, it's small enough that it's not something I would waste time haggling over.

The initial interest negotiation I didn't go very hard. I think he committed to 8.10%, saying he'd need to check with his superiors etc for lower, and on the day of disbursal/signing, "surprised" me with 8%. Obviously that was his figure all along and the only question was when he would offer it. This figure, of course, was a few rate hikes ago.

Other charges, I don't remember the specifics, but they were all on par with other lenders. And there were no surprise hidden charges revealed at the last minute. I asked them to be upfront on those and they were, 100%.

The only minor negative I can talk about is that they insist on the home insurance being from HDFC Ergo, and not any other GIC.

Thanks for your detailed answer. Your insights about home loan with HDFC is gonna help me.

 

[d3rvish]

a

as i said even if 100 people here say their rate is 8% for you getting 8 would be based on your credit and financial profile

Wow, you managed to make a simple request for information into a pulpit to preach from. Congrats!