{"id":598,"date":"2014-07-17T03:19:10","date_gmt":"2014-07-17T03:19:10","guid":{"rendered":"http:\/\/vargiskhan.com\/log\/?p=598"},"modified":"2016-11-27T17:06:57","modified_gmt":"2016-11-27T17:06:57","slug":"indiabulls-home-loans-review","status":"publish","type":"post","link":"https:\/\/vargiskhan.com\/log\/indiabulls-home-loans-review\/","title":{"rendered":"Indiabulls Home Loan Review"},"content":{"rendered":"

Indiabulls Home Loan Review<\/strong><\/p>\n

I recently bought a house in Delhi and took a home loan from Indiabulls. This is a short article on how I found their services, for anyone who is considering a home loan from this company.<\/p>\n

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Indiabulls Home Loan Services Review<\/p><\/div>\n

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1. Why Indiabulls Home Loan:<\/strong> In Delhi where the land is limited and population is growing at an alarming rate, Independent builder floors are becoming extremely popular. Though they cost slightly less, problem with these floors and flats is that they are not MCD approved. Areas like Dabri extension and Uttam Nagar are not government approved colonies and hence there is no map for properties built here. Due to this, major private banks like ICICI or HDFC would never finance or give out a home loan for these properties. So the only remaining option is to either approach brokerage companies like Indiabulls or secure a home loan from a nationalized bank. To get a nationalized bank to finance your house, you will need to go through an agent because like private banks, even nationalized banks do not finance these floors. If you go through an agent, he would charge you a minimum of 8% of the total loan amount in order to get your application approved. So for example, if you secured a home loan of say 25 lacs, you will have to pay the agent a total of Rs. 2 lacs. This money however can be saved if you financed through firms like Indiabulls.<\/p>\n

2. Interest Rate<\/strong> – Their interest rates are always slightly higher than what you can get from a private or nationalized bank. For example, the current home loan interest rate was 10.75% but Indiabulls offered me the loan at 11.25%. It definitely means an increase in my EMI but when I calculated, if I went through an agent to get a loan from nationalized bank at 10.75% and paid him Rs. 2 lacs in cash, it would have taken me more than 10 years to recover this amount by paying a lesser EMI. It wasn\u2019t really worth it so I opted for Indiabulls.<\/p>\n

3. Convenience<\/strong> – There was not really much hassle while dealing with Indiabulls. Their agent came to my place, got the documents populated and signed, got the paperwork from me and submitted it. A week later I got the sanction letter in the email post which they took a few days to verify the property, its market rate and to validate all the property related documents. When they were satisfied, I received a call that I can set up a date for property registration. Their lawyer was present at the court at appointed time to hand-over the cheque.<\/p>\n

4. EMIs<\/strong> – They will always send me a message to notify me a few days prior to the date when the EMI is to be deducted from my account.<\/p>\n