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Both the banks follows the specific guidelines of the RBI and rate prescribed by the RBI. Now if you have plenty of time which you can give in to process your application you can choose public sector and if you want your work to be done on faster pace go with private sector and one more thing if both banks can't fund you the required amount you can also proces with NBFC but in this sector ROI will be higher as compared to banks
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Both public and private sector banks come with their pros and cons. If you can have patience to fulfill the long list of formalities with a public bank, it is advisable to take loan from them. It will surely help you in the long run.
On the other hand if you are one of those who dont want to get into too much hassle and want the services at your door step then go for a private bank. You will end up paying a little extra for the services that they offer and the less pain that you will have to take to avail your home loan. I have recently taken a home loan from SBI so i am telling you this from my personal experience.
Answered on June 13, 2011 by Anmol Bhatia |
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Public Sector Banks:
1. Difficult to get the loan
2. Interest rates will be the lowest
3. Floating rate of interest will NOT rise fast
Private Banks:
1. Faster disbursement
2. Higher interest rates
3. Higher eligibility
Suggest go with AXIS Bank
Answered on May 4, 2011 by Ajay Poddar |
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In Public sector Banks Loan Process, doccumentation, Disbursement are slow, But in Pvt Sector Loan process,Disbursements are fast and Less Documentation, But Interest rates are higher in Pvt Sector banks.
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Both public and pvt sector banks some advantages and disadvantages.In my personal view its better to take loan from the bank where we are holding savings account.it will minimize lot of paper work and bank will know our payment track record.so that in future also we will get better deals from bank.
Answered on May 4, 2011 by Basaveswar t |
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Private banks you get a speedy processing and you will good service at your footstep but Public sector banks you have to fall in their feet but still wont get good response or your loan status
Answered on May 4, 2011 by R Vijayanandhan |
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i do agree with some of the opinions below but if you notice off late the public sector banks have become more aggressive and are facilitating in getting loans sanctioned with reduced interest rate whereas the private sector banks are faster but they will try to levy exhorbidant charges sometimes mind boggling at every available opportunity.As borrower go in for good public sector bank and there will never be any repentence .
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It is better have refference from the both the segments who were experienced before. depends upon you can take the decision.
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