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by Manish Chauhan 397 comments 12 Taking a Home loan is a big task in itself and one of the biggest financial decisions. Home loan is the longest debt in our life. At times 10-20 yrs, which makes demands a long term commitment. Each month you have to pay your EMI, sometimes you have to prepay some part of home loan, sometimes you need some documents and visit the bank. There are numerous things to be done during taking the home loan and after taking the home loan, hence you should be very clear that which is the best bank for Home Loan. Without much confusion, its very clear that everyone wants to go with the bank which makes your life easy at the time of taking home loan and even after that. So the biggest question on everyones mind is Which is the best bank for Home loan?
First thing first, you have to be very very clear that there cant be a single bank or loan institution which is perfect for everything and you will never face an issue with them. Also there is no best bank for Home Loan which has always worked for everyone till date. But overall we can always pick some banks which have been better than others on different parameters. You can say that on a high level Bank A is better than Bank B and this is based on many loan takers experience over the years. So now in this article we will try to understand difference between different banks and how they differ with each other. We will also see a survey result done with the vast community of this blog and which bank they choose collectively as best bank for home loan.
1504 participants to vote for best bank for home loan and based on that we can judge which banks are more preferable and more trusted. Here are the results.
A good place to look for all the home loan related data (Click here)
be you will have a smooth experience overall. Things will be easy post home loan process if you need anythings from bank compared to other banks. For those who want to know why SBI is preferred , follow this thread 2. HDFC Bank Overall HDFC bank seems to be have mixed review. Some people had great experience and some had very bad experience. HDFC Bank is overall recognised as the bank for home loan itself. But overall the experience was very very mixed. 3. LIC Housing Finance LIC housing finance seem to be a decent option after SBI. While they are not that great as SBI , still they seem to be a good choice after HDFC and ICICI bank . LIC Housing Finance has lesser documentation requirements, but one has to run around for smaller details. LIC seem to offer better rates and also giving option to fix the interest rate for 5 years. One thing which many people do not know is that LIC reduces the interest rates for home loan for its customers having any insurance/investment policy with LIC by at least 0.25% , but only if Sum assured of all policies collectively is more than 15,00,000 and all policies should be under the name of loan applicant. 4. ICICI Bank ICICI Bank seems to be very very fast and too friendly at the time of loan processing, but once the loan is done, the life seems to be hell for most of the people . They are not very supportive most of the times and one gets too frustrated with their attitude. Overall their interest rates are also very high. 5. Axis Bank Axis Bank is another good option as big bank . One good thing about Axis bank is that they have NIL charges for any pre-payment . Its a big surprise that Axis bank was more preferred than ICICI bank overall in the survey. While Axis Bank has few good options, there was one recent case from axis bank which I had highlighted on this blog on how they forced sell a life insurance policy along with home loan, While this was a negative thing from Axis Bank, we have to understand that good and bad experience are part of all the banks.