We recently took an IDBI home loan, after comparing statistics with a lot of different banks. This is what we came up with:
Second lowest interest rate on home loans, Re.1.00 more than ICICI for a 20 yr period. This was at 8% for a 20 yr option (Rs. 837.00 per lakh).
Good service: There is no concept of a call center here, where you call the bank for a requirement and you get to talking to somebody different each time, wherein you end up explaining your problem to a 100 different customer support executes and at the end of it all, you dont get what you want. Here, you have one point of contact for your home loan. You can call him anytime you want.
ICICI/StanChart and other such banks-you can forget about good service!!
Prepayment fee: None, which means you dont have to pay a pie if you want to pay lumpsums. Other banks, usually have fee between 1%-2%
Processing fee: 0.5 % but if you can negotiate on this. ICICI on the other hand, claim that they have no processing fee, but they have an admin fee of 0.5%
Admin fee: none
Preclosure fee: None unless you are closing the loan because you want to shift the loan to another bank, whereas most other banks have a 2% fee.
Documentation and paper work: They dont hassle you with unnecessary stuff.
The comparison was done with Vijaya, Corporation, Punjab National bank, ICICI, Standard Chartered, SBI and HDFC. The only other bank which came close was ICICI but here the service is extremely poor, where there is no central point of contact. Would anybody want to good service for anything else? Afterall, you have to be associated with the bank for the next 10 or 20 yrs.