Re: [nukkad] Home finance agency in India

[Rohit Zaveri <>]

I believe HDFC Bank is MUCH better in this regard - but someone else
from India should comment on this. I have no direct experience with
them except hearsay.

Sai
====================================================
Let us see the responses of various banks' home finance division from
other side of the deal. As a Builder active in New Bombay and having
fully sold out the first building completed in Vashi I have had the
experience of knowing from close quarters the fuctioning of these arms
of well known banks viz a viz prospective buyers of apartments.

1)  I.D.B.I home finance : a third of the purchasers of flats have availed
     loan facilities from this institute, some through Vashi branch, others
     through Thane branch. Their processing was quick, personalized
     attention good, formalities clearly laid out and the time taken for
     approval of loan sum like 2-3 weeks. As builder I am happiest when
     my clients approach IDBI. As a result of several deals struck through,
     I have good personal rapport with Mr.Aswin of Vashi branch. If
     any member faces any difficulty my word with Ashwin may carry
     some weight. In the end, with me all the flat buyers are equally
     satisfied. No complaint at all. No wonder a third of them took IDBI
     loans !!

2)  Indian Overseas Bank, Chakala Br., Andheri : I had very good
     experience. Being nationalized bank they insist on more paper
     formalities, but loan approval to my client was accorded in 3-4
     weeks time and my payment was released promptly thereafter.

3) S.B.I. Home Finance, Navi Mumbai : Loan processing is time
    consuming. Paper work is more and to be meticulously adhered to.
    Functions in a government style slow motion. They took more than
    two months to release the final payment. In fact the last portion of
    loan ( and the largest one ) was effected after the buyer - who had
    vacated his earlier apartment and was like homeless, desparately
    wanting to occupy the flat he had bought from me - had moved in
    to stay in his flat ! Willy nilly I had to play good samaritan in such a
    delicate situation when a sum as much as Rs.12 lakhs due to me was
    yet unsettled !! That's how SBI works.

4)  U.T.I. Bank : They do too much checking of either parties but I
     have a memory that after a certain delay the sum of over twenty
    lakhs was released. Nothing adverse that I recall.

5) LIC Housing finance : DO NOT EVEN STEP IN !!! They are
    lousy and clumsy. It took them some three months to reject my
    client's submittal papers. For what reason only they know better
    for this buyer is the wealthiest of all. They cause undue hassles
    and are LEAST bothered if a well concluded deal falls apart.

This relates to only my experience and I must add my experience
is limited.

Rohit Zaveri.














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Q. How many surrealists does it take to change a light bulb?
A. To get to the other side.
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