One of the MNC banks with the’so called’ lowest interest rate has the following practice in the south. so a few tips from experince
I Entice the customer with intelligent interest saver offers(like first two years at below market rate, 3rd year onwards at market rate etc.)
II Typically does not have a big branch network.
III Heavily relies on shady DSA’s where the same DSA operates from one office and deals with competing banks under different company names
IV Asks for all original documents at the loan application process
V Never acknowledges receipt of documents directly.
VI Makes a loan offer with a clause that if the bank does not disburse within the next 15-21 days, terms of the loan may change.
VII waits till the last day of the offer, then asks for changes in the terms of the agrement with borrower/builder stating that the builder must seek permission from the bank before handling over the property to the owner- offcourse it will lead to the expiry of the loan offer.then since all original agreements are with them and the customer signed a un-numbered cheque. forces the customer to either call off the deal or accept newer and more unfriendlier terms.including where the customer cant enter the property without the banks permission.
Currently enticing customers with a smiley loan at less than 7% in BLR. deal with them at your own risk.
Well.be carefull with your original documents.no proper home loan lender will ask for original property related agreement before the loan contract is completed and have given back the customer’s contract copy to the customer.