It took so many weeks before getting back to this topic... Hmm! I have some good and bad resaons behind it.
First and foremost... My learning - Never approach Private banks for home loans. PERIOD. Always go to your near and dear public sector banks like SBI, Canara or Corporation banks. It's not a suggestion that I am giving. I beg you not to travel the bitter paths that I traveled already.
It all started with my application with HDFC bank, Bangalore. I applied for this loan in November 2008 and was promised a 10-day flay processing time. They quickly took away 11k from me for processing (?!*) the loan. Then they asked me to submit documents after documents after documents after documents after documents after documents after documents after documents.... Never ended. The XEROX shop guy near my house would have built his dream house with the copies that I ordered from him :)
Whatever processes they have, I am sure these banks give loans to crooks and cheaters who will default. The only thing I was not asked by their "brainiest" processing team member is to prove that I am an Indian, and India belonged to Indians - and not to British, as British ruled us till 1947.
Probable questions I would have faced -
"Sir, Can you submit us a proof that you are part of Independant India. And may be a NOC certificate from President of India?"
"And Sir, can you bring all the previous owners' and their families, even if they are dead! We can visit their graves"
Such an agonising experience! Finally one fine day, around New Years eve, I applied for loan with Canara Bank and got it sanctioned fast. What a personalized service from those in this PSU bank!!! Even got a 2009 calendar from the lady who handled my application. Hmm.. Good things are too close to you, you fail to notice them.
The Bank on the other side always looks green and you fall for it. I was made to swim once before I got to know the true-colours!
I am glad that PSU banks are there to help customers with out harassing. That's a lifetime learning for me!
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