Going for Housing Loans? Choose Public Sector Banks.

Are you going to purchase your new dream home? Good idea. Prevailing depressed market condition may be the right time to do so. To fund your new purchase, you need to avail housing loans. As a new customer, you will be offered attractive rates from both private and public sector housing financing companies.   Private sector players like HDFC and ICICI Housing Finance may offer you initial, special and attractive summer or monsoon offers. They may offer you quick approval and easy documentation.  Beware that, these things comes with a price. No free lunches offered. Their variable rate loans are not truly variable. If the RBI increases interest rate, private sector players increase the rate in the mid night itself.  When the regulator decrease the rate, they will not decrease the old loan rates. Even if they decrease,  that would be meagre.

Getting the approval of home loans from the public sector banks may be cumbersome and time consuming. But after sanctioning of loans, your peace of mind is guaranteed. They would decrease the loan rates atleast at the instance of politicians. Before deciding, please see my HDFC Home loan interest rate schedule (for Rs.5.5 lakhs and for 20 years – I pre paid Rs.1.5 lakhs and present principle out standing is Rs.3.7 lakhs)


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