It makes sense to scout for the best home loan rates and of course one should not forget the amount of difficulties which one might have to endure while dealing with public sector banks, though they are doing their best to get over the cultural shocks from the private sector banks. We applied for a loan from State bank of Patiala and had good experience from all personal except the last individual who was probably looking for bribe and we were not ready to provide as we do not believe in greasing any individual palms. We will go all out our way to fulfill all documents requirements of the bank. The individual put his spokes everywhere like asking us to sign on blank affidavits and not giving us any any receipts; but finally by intervention of his branch manager the loan was released. So we can say all is well that ends well. We are not naming the branch name as all personnel were cooperative less this individual and we will review his conduct individually and do not wnt to tarnish the image of bank at large. Do remember to check out home loan interest rates and remember every penny saved is penny earned.
After the gory story one can definitely check out Bank of Maharashtra which is providing a good deal for the home loans and its advertisement states that Bank of Maharahstra gives you something to celebrate long after the festivities are over! Avail of a Home Loan from Bank of Maharashtra before 31st Dec. 2010 and enjoy: Reduced interest rates: 8.25% for the first year; 8.75% for the second year; 9.00% for the third year (all fixed) and it comes with nil processing charges.
Further Bank of Maharashtra has issued a circular which states that its Base Rate has been fixed at 8.25% and contents of circular a
In terms of guidelines issued by Reserve Bank of India dated April 9, 2010,
Bank of Maharashtra has set its Base Rate at 8.25% p.a. The Bank is in the
process of arriving at the interest rate applicable on various loan & advances
products of the Bank. All new loans & advances (except the categories exempted
by RBI) sanctioned on July 1, 2010 and onwards will attract interest rate as per
new system being determined with reference to Base Rate. All existing loans and
advances will continue to carry interest rate as per the existing BPLR system / fixed
rate, till (i) the next renewal / review date for credit facilities (ii) reset date, wherever
stipulated in case of loans. However, a borrower will have the option to switchover
to Base Rate system.
Moreover one has the option to avail of income tax rebate upto Rs 1 Lakh on Principal paid and upto Rs 1.5 Lakh on interest component under different secs of income tax.
If you are able to save some tax same can be used for investment in stock market and if you have the penchant to make mone every day than do remember to check out day trading tips which is the mantra to get daily profit from share market of India.
Dealing wise we have found HDFC bnk as the best bank for home loans though it has higher charges. Take a check before going with ICICI bank as they create problem after taking loan as they will not change your home loan whenever loan rate drops in case of flexi loan.