u/StrangeTry290

Taking a home loan? Read this before you sign anything 👇

Top 10 mistakes people make: Not checking credit score (rejections or higher interest)

Focusing only on EMI, ignoring total cost

Not comparing banks like HDFC Bank, ICICI Bank, State Bank of India

Choosing long tenure blindly

Ignoring hidden charges

Taking max eligible loan

No emergency fund

Not understanding fixed vs floating rates

Ignoring prepayment rules

Skipping loan insurance 💬 Question: What mistake have you seen or made while taking a home loan?

Planning to take a home loan soon and honestly getting confused with all the mixed reviews out there.

Looking at SBI, HDFC, ICICI and IndusInd right now. Everyone seems to have a different take some say SBI is slow but reliable, HDFC is smooth but can be inconsistent, ICICI is quick but slightly expensive, etc.

I’m not just looking at interest rates, more about the overall experience.

Things I’m trying to figure out: Which one is actually the least painful in terms of processing?

Any hidden issues during sanction/disbursement that I should know about?

How are they once the loan is active (customer service, support, etc)?

Any bad experiences or things you wish you knew earlier?

Would really appreciate honest feedback from people who’ve actually gone through the process. Trying to avoid surprises later

Planning to take a home loan soon and honestly getting confused with all the mixed reviews out there.

Looking at SBI, HDFC, ICICI and IndusInd right now. Everyone seems to have a different take some say SBI is slow but reliable, HDFC is smooth but can be inconsistent, ICICI is quick but slightly expensive, etc.

I’m not just looking at interest rates, more about the overall experience. Things I’m trying to figure out: Which one is actually the least painful in terms of processing?

Any hidden issues during sanction/disbursement that I should know about? How are they once the loan is active (customer service, support, etc)? Any bad experiences or things you wish you knew earlier?

Would really appreciate honest feedback from people who’ve actually gone through the process. Trying to avoid surprises later

I recently had to choose between three banks for a home loan: HDFC, ICICI, and IndusInd.

After some confusion and a lot of family input, I went ahead with HDFC (mostly because of trust and familiarity).

Now I’m trying to evaluate if my overall financial setup makes sense: Current salary: ₹70,000/month EMI: ₹35,000 (home loan) SIP: ₹10,000/month Total fixed outflow: ₹45,000 (~65% of income) Loan: ₹40 lakh for 20 years Total interest payable: ~₹44 lakh SIP projection: ~₹1 crore after 20 years

Monthly balance after expenses: ~₹3,000 On paper: Asset building ✔ Investing ✔

In reality: Cash flow feels very tight Almost no room for flexibility

I would like to do this the right way, not just follow what everyone suggests. So I wanted to ask:

Was choosing HDFC over ICICI/IndusInd a good call, or should I have optimized more?

Is this EMI too aggressive for my income?

Should I continue SIP alongside loan, or focus on reducing debt first?

What would you change if you were in my position?

Looking for honest, experience-based advice 🙏

I recently had to choose between three banks for a home loan: HDFC, ICICI, and IndusInd. After some confusion and a lot of family input, I went ahead with HDFC (mostly because of trust and familiarity).

Now I’m trying to evaluate if my overall financial setup makes sense: Current salary: ₹70,000/month EMI: ₹35,000 (home loan) SIP: ₹10,000/month Total fixed outflow: ₹45,000 (~65% of income) Loan: ₹40 lakh for 20 years Total interest payable: ~₹44 lakh SIP projection: ~₹1 crore after 20 years

Monthly balance after expenses: ~₹3,000 On paper: Asset building ✔ Investing ✔ In reality: Cash flow feels very tight Almost no room for flexibility I would like to do this the right way, not just follow what everyone suggests.

So I wanted to ask: Was choosing HDFC over ICICI/IndusInd a good call, or should I have optimized more?

Is this EMI too aggressive for my income?

Should I continue SIP alongside loan, or focus on reducing debt first?

What would you change if you were in my position?

Looking for honest, experience-based advice 🙏

I thought ₹70,000 would change everything.

A promotion. A jump. A level-up.

Every month, the message flashes: ₹70,000 credited to your account.

For a moment… I feel powerful.

Then life starts deducting.

This time, it wasn’t just expenses.

It was a decision.

A big one.

I decided to buy a house.

₹15 lakh down payment. ₹40 lakh loan. 20 years.

Before choosing, I compared everything.

ICICI. IndusInd. HDFC.

Different rates. Different offers.

I was confused.

Then family stepped in.

“HDFC le lo.” “Trusted hai.” “Safe rahega.”

No spreadsheets. No comparisons.

Just one word trust.

And somewhere between logic and emotion…

I signed.

Loan approved. 20 years locked.

Then EMI hit.

₹35,000.

Half my salary… gone instantly.

But I didn’t stop there.

Because now I’m “financially smart.”

₹10,000 SIP every month.

Because future matters. Because compounding.

So now:

₹35,000 in EMI ₹10,000 in SIP

₹45,000 gone.

Before life even begins.

And here’s the part no one told me clearly:

For this house…

I’ll pay ₹44 lakh just in interest.

Not the house. Just the cost of borrowing.

₹44 lakh.

At the same time…

My ₹10,000 SIP, if I stay consistent for 20 years…

Will become nearly ₹1 crore.

Same 20 years.

Same discipline.

One drains.

One builds.

And I’m stuck in the middle of both.

₹25,000 left.

Gurgaon takes its share.

Expenses, family, travel, survival…

And in the end…

₹3,000 remains.

₹3,000 to feel alive.

That’s when it hits me.

I didn’t just choose a bank.

I chose a financial story.

Where:

I pay ₹44 lakh to live in a house… While trying to build ₹1 crore for a future I haven’t met yet.

Everything looks perfect on paper.

Asset ✔ Investment ✔ Responsibility ✔

But inside…

It feels like I’m running two parallel lives.

One where I’m building wealth.

And one where I’m slowly giving it away.

So now the real question isn’t:

“Was HDFC the right choice?”

It’s…

Why does building a future feel like I’m sacrificing the present?

I’m 25 and planning to buy a flat in Gurgaon worth around ₹70L.

I’m considering taking a ₹50L home loan for 30 years. Based on current rates, my EMI is coming to ~₹36K/month. In the initial phase, almost ₹33K goes towards interest and only ~₹3K towards principal, which feels very inefficient.

So I’m thinking of using an aggressive prepayment strategy:

• Every month, along with EMI, I’ll add the next month’s principal portion as extra payment
• This should significantly reduce the tenure from 30 years to ~15 years
• Total interest paid drops from ~₹80L to ~₹40L (as per my rough calculations)

Now I need advice on a few things:

Does this “adding next month’s principal” strategy actually work as expected in real scenarios? Any pitfalls?

Is there a better prepayment strategy I should follow? Between HDFC, SBI, and ICICI, which bank is better for this kind of aggressive prepayment (considering interest rates, flexibility, and processing)?

Are there any hidden charges, reset clauses, or fine print I should be careful about?

My credit score is good (~780), so I should qualify for decent rates. Would really appreciate insights from people who’ve done something similar or from finance experts.