I feel private banks like ICICI or HDFC are much better as compared to Public Sector Banks. I have taken a home loan from PNB. Though their interest rates are much lower, but following are the issues which will discourage me (atleast) for dealing with PNB again :
1. Pathetic paper-work and follow-up system 2. They sanction only 75% of the loan amount 3. Very high processing fees (1%) and documentation charges 4. Managers are poorly informed about the latest policies or circulars 5.Hidden charges are prevelant. 6.Processing or turn-around time is much higher.
I have had a very tough time with PNB. Swear, how can a bank be such a laggard when it comes to technology. Even though they have the interest rates lower still, they torture to such an extent that I feel private banks are much better.
Guys, better stay off from PNB. I think it should be re-named as Pathetic National Bank.
RE:Horrible experience with PNB
by ABC on Apr 07, 2008 04:06 PM Permalink
Do not enquire about prices now. Per square feet rates will go down by upto 35 percent in 6 months.
Fair value per square feet rates. Mira road 1600, Dahisar 2600, Borivali 3400, Kandivali 3700, Malad 4000, Goregaon 4400, Andheri 5500.
Logic is simple as has happened in USA. No one can afford paying up housing loans only for entire lives. If people earn Rs 5 lakhs per year at Andheri in Mumbai, the cost of 600 square feet house should not be more than 30 lakhs in Andheri. Right now, it will cost 50 lakhs with 30 lakhs white and 20 lakhs black money. till today builders are not reducing the rates
