Don't ever go to Repco Bank Home Loan. Believed in my builder that Repco bank is good in releasing the payment. The Repco Bank Manager in Adyar, Chennai accepts that their bank rate is higher when compared to all the Banks providing Home loan. As I have taken the first loan, Iam held to take the second loan(read below for the 2 loan process) The bank is charging higher interest as they will provide Home loan to cases which are rejected by other banks. The Bank will promise you 85% intially and finally will approve only 75% of the required amount and that 75% will be spilt into 2 loans. ALL home loans in Repco will be spilt into 2 loans. First loan will be for 50% and rest 25% will be given as second loan. You have provide all the documents again which you have given for first loan to second loan also. You have do mortgage of the flat for first loan and second loan also. Moreover other banks will only ask for guarantor name and no whereas here the guarantor need to sign in 100 Rs, stamp paper. Even very close friend will have doubts when signing as a guarantor. If you have a brother or sister to sign as guarantor then you can go for this bank. Moreover they will charge you a 1.5% of the total loan amount as processing fees which is the highest when compared to other banks. They will simply dodge that they give 1% for the processing fees if you come through home exhibition which they put once in 3 months. Who is going to go to this bank based on the exhibition. The base Interest rate is 10.5% but no one going for this bank loan will get for 10.5%. The loan starts at 12.35% for everyone. As my builder said that he will provide the same interest given by other banks I believed and the bank reduce for 11.60 for the first loan but for second loan again back to pavilion of 12.35%. At any cost don't ever go to Repco Home Finance Limited. Was this information helpful? |
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