Advice needed urgent!!!!!!!!
Need guidance before taking a home loan after a bad personal loan experience
I recently took an IDFC personal loan but ended up using only around ₹3 lakh while the remaining amount stayed mostly unused. Now I am foreclosing it and had to pay foreclosure charges + GST, which became a costly lesson for me.
Now I am planning to take a home loan from a PSU bank like Canara Bank/SBI and I want to avoid repeating the same mistake.
My priorities are:
No foreclosure penalty if I close early
No part-prepayment charges
Ability to aggressively reduce principal later
Flexible loan structureTransparent charges
From my understanding, a floating-rate reducing-balance home loan is best for this. Is that correct?
People who already have Canara Bank/SBI/BoB home loans:
Did you face any hidden charges later?
Were you able to prepay freely?
Any foreclosure issues?
Is floating-rate definitely better than fixed in my situation?
Any things I should carefully check in sa
Sanction letter before signing?
Would appreciate practical advice from real users before I commit to a long-term home loan.