ING Vysya Bank Ltd.

Vysya was very old Bengaluru based company started in 1930, which later got merged to a Dutch bank ING in the year 2002.  Here in this post I am going to share my experience with the bank. I have not dealt with the savings bank, so I cannot share the experience on that. I have taken home loan from ING Vysya, so I can share experience on that.


It was in the month of Oct 2007 I took a loan from this bank for a tenure of 20 Yrs. I had to go with this bank as I was not eligible for loan in other Nationalized Banks for the amount of loan which I took. I did enquire with other private banks & this bank offered me 10.25% which was around .25% less than other private banks. Also the processing was easy as already few people for the same apartment had taken a loan from this bank. But let me first begin with advising the people to never go for a private bank for loans.


Here are the pros & cons of the bank for home loan:


Cons:

• High interest rates, the increase of interest rates happens immediately when there is any change in the RBI rates. If there is an increase of 25 basis points by RBI, then ING will increase the ROI by 0.5%, when there is a decrease by RBI by 50 basis points, then ING might decrease by only 0.25%. So effectively your ROI keeps on increasing.
• Prepayment policy is very bad. You can do the prepayment any number of times, but here are the clauses ... 
• Prepayment amount has to be a minimum of 3 EMIs. For Ex. If your EMI is 25k, then if you want to do a prepayment, then the minium amount of prepayment should be 75k
• In any financial year, you cannot do a prepayment of more than 25% of your outstanding principal. For Ex. if your outstanding principal amount is 20L beginning of April 2011, then for the FY2011-2012, i.e. till March 2012, you can only do a prepayment of 5L, for the amount more than 5L, you have to pay the 3% + Service Tax.
• Prepayments can only be done after the full & final disbursement of the loan amount.
• The effect of the interest in system will be done from next cycle date and same will be reflected in the system next to next month.
• If reschedulement is on 25.03.2011, the interest benefit to that tune will effect from 08.04.2011 billing cycle onwards which will be due on 08.05.2011 (Which is the new EMI amount).
• Penalties will be charged, if the part payment is made within 12 months prior to closure date. While closure of the loan, part payment made prior to 12 months will be considered for foreclosure charges. E.g.: Outstanding 1 lac + 5 lacs made during 12 months. 6 lac will be considered for foreclosure Charges at 3%+ service tax
• Foreclosure charges is very high as compared to other banks, its 3% + Service Tax
• No net banking facility, if you want to do a prepayment, you first need to take an approval, write a request letter & once you get the approval, you need to go to the Bank's Consumer Finance Department & submit the cheque/DD with the request letter.

Pros:

• You can get the loan easily without much hassles.
• You can get the provisional certificate for the amount of interest paid & the principal amount for tax exemption thru email, no need to go to the bank to collect it.

Branch Address:                                                             Visiting hours:

Consumer Finance Department                 Week Days: Monday to Friday 10.30am to 3.00pm

ING Vysya Bank Ltd,                                                          Saturday           10.00am to 2.30pm    

No.40, 1^ST Floor, “Foundation House”,

CKC Garden, 2nd Main,

Off Mission Road, Bangalore - 560 027

PH. - 080-22483000                                                      

Land Mark : take Immediate Left after PC Mohan & CO, or take 2^nd left after IDBI in Mission Road

Please write down your feedback/comments about the Home Loan or any other Loan facility from ING Vysya Bank in the comment section below ...

Jalsa, Outer Ring Road, Bengaluru

Jalsa is a Mughalai Restaurant located on the Outer Ring Road near Marathahalli, Bengaluru. Have visited it twice for a team lunch with my colleagues. Ambience is good, taste is not all that great, its way too expensive, not worth the money you pay. For a food for 2 people be prepared to pay some thing in the range of 1500 - 2000/- INR

Ambience: Good

Food Taste: Average

Presentation: Good

Food options: Less, especially for Veggies :-)

Customer Service: Average

Value for Money: No, its way too expensive

Cuisine Type: Mughlai

Buffet Availability: No

Official Website:

http://jalsa.co.in

Please write down your feedback on this restaurants in the comments section below ..