I approached LIC HFL mainly for 2 reasons.
The project was already approved by them.
The interest rates in long term seemed better than private banks.
I went to the manager along with the builder representative with all the documents .
The manager firstly said that I would easily get the required amount as I am eligible for lot more.
He also told me that there will not be any pre payment charges upto 10% of loan amt every year & the processing fees would be jus 0.5%.
I applied for the loan in Dec1 week and now its Feb.
After submitting all the documents, firstly I was alloted lesser than the promised amt then even after giving more proof of investment as security+ all the required documents the LIC agent is still struggling to release the cheque . The processing fees has already crossed the 1% cost inclusing all hidden costs.
The attitude of the Agent is very rude as if the customer has no other work .
I wish I had applied for SBI as they are more knowledgeable & understanding.
Although the paper work is similar you can trust SBI much more than these people.
I dont know if this problem is with Magadi road branch or all the branches.
The manager never picks his calls on cell & I am left wondering if I have done the right thing by opting for LICHFL. Hope the interest rates will not get high or else it will become a mess.