Home Loan Feedback

Now that you have already planned or booked an apartment one of the items high on your list might be getting a Home Loan. With so many Banks and number of different Home Loan packages available it's confusing. Remember Home loan is going to be pain for next 15-20 yrs so do enough research before closing a deal.

I will add list of few popular Banks and their URL's where you can go and do your research.
If someone has already taken a Home Loan and have some experience to share then please do share with prospective Home Loan buyers.
If you are a Bank Loan executive and wish to add your details on the site then please send
1) Name 2) Bank Name 3) Phone Number 4) E-Mail Id 5) Other details.

Request everyone to share your feedback if you take loans from above Bank Loan executives this will help to rate their customer service.

1) ABN AMRO Bank
2) Citibank
3) HSBC BANK
4) SBI BANK
5) STANDARD CHARTERED BANK
6) IDBI BANK
7) ALLAHABAD BANK
8) ICICI BANK
9) HDFC BANK

Experience with SBI
I took home loan from Vimala (SBI loan executive) for home loan. In mid January, I had submitted ALL the required documents with an assurance that it will be processed with 2 weeks. Initially called her to find out the status and she told it will be submitted and processed nothing to worry.Then all of a sudden I get call from her that my wife cannot be gurrantor so they need someone who has sufficient fund to backup. Fortunately my father was coming to Bangalore next day. On further follow up she comes up for further documents on 24th Feb (after more than 4 weeks) then I get call from her on 27th Feb at 5 PM that you will have to take leave tommorrow and go to SBI branch for further documentation as rate is increasing from 1st March and I just need to bring salary slip and come along with my father.

No options but was forced to go to SBI next day thinking it will take 2-3 hrs but I was wrong. There I was asked to bring stamp paper and they don't keep stamp papers. Rushed to Indiranagar to get the stamp paper.Needed 6 stamp paper but SBM bank gives max of 2 stamp papers at one time so got 2 stamp paper and then again joins the line. Again gets 2 stamp paper and joins the line.Reached SBI, Murgesh Palaya (Opposite Manipal Hospital) during lunch time so sat in the Bank for loan officer to come back. They finally came and input data in their computers and took ages to feed data. (Literally finding each computer keys gurr kit kit #@#$%^). My application form which was submitted more than 4 weeks back was in a file and they were submitting all data like Name , Address etc in front of me. I was wondering why this can't be done offline.


Waited patiently and finally comes to know that my wife signature is also required. No options but called her and she rushed from home as this was the last day.Finally after all documentation, I was asked to open a home saver loan account and they asked a minimum of 1000 Rs. There was shortage of cash so I went to ATM and came back.

Finally got my file closed in cool 4 hrs :-) and I ran from 10 - 6 PM. Most frustrating part was all these requirements came in phases. Had it been communicated earlier with checklist there would have been less of pain. After 3 months, I visited Bank that if there are other formalities left and how installments will be made as I am travelling out of country. 3 days before I was going to depart they asked you need to go for medical test for Home Loan insurance which I had taken. There eyes were closed for 3 months and got awake now :-(

Now every two months, I get reminders from Brigade to pay the installment and following with SBI is real real pain. They don't respond to mails even after several reminders. At times, I have to even call the loan officer at his home. No one picks phone in office. Installment is sent to Brigade unless I send several reminders to SBI and give a final blast. This is the most frustrating part of the SBI home loan.


Learning Experience
a) These loan executive have half baked information on loan process and puts you in trouble after document gets submitted.

b) Pre loan counseling will have prompt response. Once you submit processing fees and documents then be prepared to follow up from your end.

c) Be prepared to run for documentation in Public sector bank.They are really slow in terms of processes and technology.

d) If you are out of country then paying installment and follow up will be a challenge.

Only good thing is that since it's goverment managed so rates don't fluctutate much and there are no hidden costs. This is the area where I feel relaxed but overall SBI has troubled me a lot.

I won't recommend if you live in a different city than the SBL branch and don't have time to do follow up.