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Harsh Roongta

Harsh is CEO, Apnapaisa Private Limited. He is counted among India's foremost personal finance experts. After a successful entrepreneurial stint and an equally impressive career at ICICI, Harsh co-founded Apnaloan.com in 2000, in partnership with other accomplished industry professionals.
Apnaloan.com has since become part of the larger Apnapaisa Private Limited. His knowledge of the minutiae of personal finance products be it loans or insurance, has successfully driven the Apnapaisa ethos - that of a comparison site bar none.
His ability to perceive the less-than-obvious angle on a story stands him in good stead while answering queries - on the Apnapaisa portals, online chats, or on his regular appearances on the major TV channels.
When it comes to personal finance, Harsh has been the go-to guy for quotes and opinion for all major newspapers for quite some time now. While dispensing eminently practical wisdom, he has succeeded in taking time out to co-author The Complete Home Loan Guide, a popular guide to home loans.

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Date : 13 Nov, 2007

Question

I have two options, a loan from LIC at 10.5% interest rate and other from Birla Home Finance at 10.25%, one is government institution and other is private. I need to know which of this is good in terms of credit policy, interest rate and long term relationship?

Answer

Both the banks are offering interest rates much in line with the market scenario. You can also compare other terms and conditions like loan tenure, prepayment charges, processing fee, documents and feasibility of loan procedure before selecting a lender. Another yardstick for selecting a lender is the its record of benchmark rates in 2002 and 2003. This data will help you gauge whether the bank has actually passed on the benefit of reduced interest rates to its existing consumers at the time when the lending rates had fallen rather dramatically.

View Questions/Answers


	25304	Sir, im Karthikeyan from Chennai. I bought a property recently and going to opt a home loan. Ca
	25301	I and my wife are self employed professionals ( I am CA and my wife is a phsyiotherpaist) based
	25298	I need to take 30L loan for a amrapali flat ( sec-119, Noida, cost = 41L), please suggest which
	25294	i am getting cheque of rs.14000 only from my employer.no salary slip and any other proof.can i
	25285	Hello Sir, I took the housing loan for 20 lakhs for 20 years with 8.25% initial interest rate.
	25284	Hello Sir, I have an HDFC home loan with 11.25% with outstanding principal of 8.2 Lakhs. I am p
	25278	I taken Home loan of INR 12 Lac from one Private Bank @ 11.75% in Aug. Current Rate od Interest
	25265	Dear Sir, I had shortlisted a property in Kandivali. The property is a builder's property in a
	25264	my property (Land) is at Bilaspur(C.G.) and i am working at Lohardaga (Jharkhand). My bank acco
	25260	If coapplicant is defaulter as per cibil whether the applicant of the home loan could still get
	25259	what will be the intreast rates on (housing loan) amount upto 5 lakhs
	25258	Dear Sir, I am planning to buy second house. I have repayed the loan for my existing house. I n
	25251	REFER: Query ID 25249. The possession has been taken and I am earning rent and paying EMI on lo
	25250	Please advise what all documents required to submit while applying for a home loan
	25249	I am earning rental income from my flat in Noida and paying EMI on loan as well. I would be cla
	25248	Dear Harsh, I have been reading your articles in rediff and would like to thank you, as I have
	25247	I took a home loan from ICICI in 2006,at that time interest rate was 7.5%(floating)Now it is ch
	25242	I have availed a home loan from South Indian Bank (SIB) around 3 years back from Bangalore. The
	25241	Hi, I have SBI home loan for 13L at 8.75% and SBI Topup loan for 10L at 11.75% which is 3% high
	25240	sir, my monthly income is 17000.i want to purchase a plot in ghaziabad.this plot is not approve
	25237	HELLO SIR ,I AM CENTRAL GOVT EMPLOY. WANT TO TAKE ANOTHER HOME LOAN.I M HAVING EXISTING HOME LO
	25236	sir i am thinking of having a home loan for 3lakhs, which is the best bank to take and Will it
	25233	Hi Sir, Please help me for my doubt. "Can I take home loan if i am working in bangalore and wan
	25231	Sir, I have got a sanction letter from LIC Housing finance ltd. They have written the ROI as 8.
	25229	HI, I am planning to buy a resale flat in bangalore.Its only 2 yr old.Location is perfect.I hav
	25225	sir, i need a home loan of approx 30 lakhs. i have cheacked with all the main banks n i am eli
	25221	whether i shall continue to get hra per month if i shift to a ready made flat purchased in my n
	25215	i got 7,10,000.00 Rs. loan approval from LIC HFL , but finally i got only 6,70,000/- Rs. Check
	25214	sir i m taking my home loan 18 lac from union bank of india, and the property is already having
	25207	IS IT NECESSARY TO PROVIDE THE ADDRESS PROOF IN WHICH THE NAME OF THE PERSON ON WHOSE NAME THE