The real estate business at any metropolitan city is on high grounds. Every one of us shall have a dream in life to have a house of our own, i.e. in turn we are keeping our roots on the earth. Every human being feels satisfied when he has a home wherein he could stay along with his family and spend some great moments along with them. In capturing some of the good moments of your house living. And of course me too a human being and have this desire of making myself secured in life by purchasing some house.
So hence due to this desire in life, I captured some of my thoughts of building the house, a dream house. So started my search for it during weekends, my dream started with to own an independent house, and this dream suddenly boiled down to purchase a flat…so again the search started to meet some of the builders..Yeah I found somebody, even the locality was good and cost within my reach for some initial down payments…now thrilled from the new tax plan scheme so opted for a home loan, here the story line starts, Have to go for a home loan, so approached lot of banks…as regarding my builder papers were clean. no probs at all. So hence forth every bank wanted to give me loan…
I just saw the Standard Charted bank (SCB) home loan schemes, really very much glad with the scheme plans and also some home saver fundas…, met the representative, opted for an home loan under home saver scheme...becos this gives some flexibility in having an separate account and could maintain some balances wherein I could reduce some of the interest amount paying..got trapped with those fundas and attractive cards and figures...
So finally took the loan , loan got sanctioned , even my property got registered and was just flying becos I owned a house , where I could start building my dreams in making it a complete home…with memoirs and memoirs of love…
Initially my interest rate was floating rate 8.25% with an home saver scheme …started paying the EMI’s , every thing was fine , but one day I got shock , a letter came to me telling that the interest rate has been increased to 8.75% , with the EMI amount remaining same , only the tenure is changed ..ok I thought becos of this growing inflation rate might have increased, so took a breath….and again continued my happy going life …So after some 2-3 months one fine day I read it in the newspaper saying that the interest rates have been reduced so was just flying in air…but I didn’t get any letter from this SCB stating the same. so called up the call center and enquired about the same…now all my happiness was just thrown off as the lady over their stated that my interest rate shall not be decreased , giving some calculations and some pre-payment fundas and all the crap…I just banged the phone in depress and cruised on my faith….again the day’s going on and passing by happily few months passed, after some 3 months another shock struck me like a lighting , To my surprise another letter from standard charted stated that my interest rat has been increased to 9.75%...this was enough for me to break all my dreams , and these things happened in a span of around 9 months…my interest rate started from 8.25 and reached 9.75 …this was hurting and shocking too ..Frustrated by this..finally I decided to close this loan , with this in mind I approached the bank SCB, I just asked them the procedures for the closure of the loan…they stated that I won’t able to close the loan immediately , if I do so I had to pay some 2.5% interest and I would have opted to close before 6 months….i.e. now I will be able to close the loan only after 6 months…this made me more depressed and finally let it go for 1-2 months…now recently I shifted the bank from SCB to Canara Bank , nationalized bank…by paying 3% on the principal amount to the SCB…Now I don’t know have any problems from last 4 months…so again my dreams started building up…..dreaming about the making of my home…
At last I sincerely suggest you to not to go for any privatized bank instead you could approach nationalized banks for home loans , but in these banks initial interest rate shall be high and may not be very much attractive, but with my experience the privatized bank shall however increase the interest rat whensoever they needed…this fear won’t be their at nationalized banks. And even the services at these banks shall be good
and my sincere advice not to go for Standard Charted Bank for home loans scheme, stating with my experience
Hoping this review was good informative on the choosing of the banks for home loans. Your RRC please