Need help in getting Home Loan!!!

POSTED BY srivatsan ganesh ON June 7, 2012 10:05 pm COMMENTS (2)

Hi Manish,

I am 23 yrs old and i have booked a flat in chennai. I have time of 1 month to take house loan.
My take home is 27k and axis bank offered me 15 lakhs which is the amount i require.

But i have not yet signed any doc or something.After reading some of your articles am very much confused in going through all these process,
which bank to go? if not axis.
First thing is the insurance which they are makin us to take .Why cant they use our old insurances if i own one(icici)?can i take from icici or lic then ? whether to go for floating or fixed ? what shud be the term 15 or 20 ? what other things i need to check . Please guide me .Though i have read many articles of you , am very nervous now as this is life changin decision which i have to make..


2 replies on this article “Need help in getting Home Loan!!!”

  1. Srivatsan

    If you are talking about that incident which I had posted on blog . Then I would say that dont take it as basis of rejecting AXIS BANK . These incidents keep happening and you can never escape it , it will happen with you or others .

    They cant make you purchase any insurance, tell them you dont want loan from them, they will come back later . Tell them you will complain to Banking ombudsman and RBI about their practices with NAMES . They will come back to you in 3 days . This happens .


  2. Dear Sri, Why are you not opting SBI’s Max Gain home loan? Please read some prev. discussions in the forum on the same.

    As per RBI guidelines, Bank can’t force you to purchase Life insurance if you do have a sufficient cover already. In my own case – at the time of applying for home loan, I had more than twice the amount of home loan as term cover so SBI people did not force me to purchase the life insurance.

    No matter which bank you are opting for, please go for floating rate option. Please opt the term on the basis of EMI offered & your capacity to pay that EMI for a given term.



Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.