Should Take Home loan from HDFC Bank? Check my experience.

     I am taking loan from HDFC bank, and it taking more than 40 days (still no progress) . My loan is sanctioned on credit bases but disbursement taking more time. to sanction the loan it took 1 month. I have very bad experience with HDFC.

     Always go with bank with whom property is already identified. HDFC takes more time if property is not identified. Initially they said it will be done in 5 to 7days , But that’s not true at least in my case. Don’t go by there promises. They keep you saying every evening same thing “it will be done by tomorrow 200%” these are the words from HDFC team. I am feeling like fooled. I feel things are not well planned while dealing with loan applications in HDFC or they are too much overloaded. I am not saying do not go with HDFC, I would suggest to consider at least 2 months worst case time for loan, and plan accordingly. Hope my experience will help you to plan home loan.

    It is marketing, you first get the customer in and then keep promising and important is, Once you apply and do not take loan your credit score goes down, that’s what bank person told, so best thing is go with bank with already property is identified. Or if property is under construction ask builder to get property identified with bank you are interested. Identifying a property takes time.

    One more important, My salary account was in HDFC so I went with HDFC, I thought my salary comes and it will get automatically deducted, so I need not to worry. I was wrong. In today’s world you just need to give any bank account and auto debit will be enabled so do not worry which bank you go.

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    Last one, I went to HDFC marketing person randomly, I feel that was my mistake. He started demanding money for works and I did not like the business with that person. I have not given any money to him.

    Best thing to do here is, if you are HDFC account holder, and if you have dedicated HDFC relationship Manager for your account, talk to him first about your loan, He will do best to get your loan applied.

    He will be always reachable to you, His task is only to talk to you and give update on loan. He will have his own team to support you till you get loan disbursed.

    He will explain all term and conditions and make you satisfied by answers. He will add expert in call if any doubt beyond his knowledge.

Disclaimer :

   This is my personal experience , there might be different experience which are not same as mine,

Thanks,

Harshad.