Help with a home loan !

[kuttapan]

Originally Posted by Shakensoul

Looks like you had a traumatic experience and after effects are still there, if possible could you elaborate a little more what went wrong and finally what went right, so that we fellow humans can be spared .

I have been planning this thread in my mind, but didnt attempt it for the fear of losing my keyboard. maybe i will try again this weekend.

[mahadev_kc]

Originally Posted by tsk1979

One advice I would like to give is that you try and take a "home saver" kind of loan.
The deal is like this.
You get a bank account where you park your surplus cash. Your interest is calculated based on Principal remaining - surplus cash in this account. So your EMI is much lower.
At times when get salary I move it to my "home saver account" and save upto 10-15% in EMI. Of course this is a current account with no interest, but normally savings bank interest is pretty low, so I lose a little in interest, but same much more in EMI.

This is what the SBI's MAXGAIN homeloan account provides.

[spadival]

Slightly OT: mahadev - Can you provide some details for me.

1. How quickly did ICICI Bank return your property documents after settling the loan amount? I am in the process of foreclosing, but the home loan was done thru ICICI Chennai branch where as I am in Pune right now.
2. Do they let you personally collect the property documents from them or do they post/courier it ? if by post, any idea if they send it to present or permanent address?

[mahadev_kc]

Originally Posted by spadival

Slightly OT: mahadev - Can you provide some details for me.

1. How quickly did ICICI Bank return your property documents after settling the loan amount? I am in the process of foreclosing, but the home loan was done thru ICICI Chennai branch where as I am in Pune right now.
2. Do they let you personally collect the property documents from them or do they post/courier it ? if by post, any idea if they send it to present or permanent address?

ICICI returned me property documents within 21-days of closure of the loan. I personally went to collect the documents. Actually, they asked me to come personally to handover the documents. As a pre-caution, donot ask them to courier/post the documents, if it is mis-placed, it is a painful task to get duplicate of the documents. Somewhere, I read, that HSBC lost the original documents of a person, and the bank just filed a complaint with police and given only FIR copy to the owner, who later sold the property to a lesser price.

So, even if you spend around 2000/- to reach chennai and back, go and get the documents in person.

[NetfreakBombay]

Originally Posted by mahadev_kc

ICICI returned me property documents within 21-days of closure of the loan. I personally went to collect the documents. Actually, they asked me to come personally to handover the documents.

You mentioned that loan was transferred to SBI (From ICICI).

Did ICICI hand over documents to you or to SBI?

[mahadev_kc]

Originally Posted by NetfreakBombay

You mentioned that loan was transferred to SBI (From ICICI).

Did ICICI hand over documents to you or to SBI?

ICICI handed over the document to me. Ideally, the SBI should have been received the document, but since ICICI told me to collect it in person.

[NetfreakBombay]

How did SBI disburse amount to ICICI without having documents with them?

I am assuming ICICI would have given you documents only after getting money from SBI.

[NetfreakBombay]

Originally Posted by NetfreakBombay

Yes usually things don't go to that extreme.

Most of the times, builders will ask for more money (even if payments are delayed due to builder not meeting some time commitment in terms of slab completion).

Saw an article in news and remembered this thread. News : ‘Builder tried to usurp my flat'

Builder tried to Grab a flat since buyer was late by a month in paying last installments.

[nirmalts]

Originally Posted by NetfreakBombay

How did SBI disburse amount to ICICI without having documents with them?

I am assuming ICICI would have given you documents only after getting money from SBI.

Normally SBI will issue with cheque once they get the "list of documents" from ICICI. But in normal case the lawyer from SBI (in my case LIC) will come with you and collect the documents as soon as ICICI hands it over to you. I had the document in my hand for 5 mins before the lawyer took it away. Now I will see it 20 years later

Nirmal

[mahadev_kc]

Originally Posted by NetfreakBombay

How did SBI disburse amount to ICICI without having documents with them?

I am assuming ICICI would have given you documents only after getting money from SBI.

After I and guarontor sign all the documents on stamp papers, they handed over the cheque to me. I think this is how it happens. Even if ICICI don't give the documents, the SBI would have behind me and guarntor to collect the money back.

[NetfreakBombay]

Originally Posted by mahadev_kc

Even if ICICI don't give the documents, the SBI would have behind me and guarntor to collect the money back.

Thats unusual. If you have all property papers with you, it can be sold to anyone. And loan will become "unsecured" from Bank's Point of view.

[kalpeshc]

Also, are the interest rates same for SBI's MaxGain loans (as against other regular home loans offered by SBI)

[black12rr]

Does any of the bank ( in blore) give loan amount for purchase of plot(land) based on the agreement deed ? . Most of the banks give based on registration amount .

Any ways(tricks or tips ) to get 100 % of loan amount for the land purchase ? , including registration ?

So SBI's maxgain is best of the lot ?

[mahadev_kc]

Originally Posted by kalpeshc

Also, are the interest rates same for SBI's MaxGain loans (as against other regular home loans offered by SBI)

Yes, it is same as seen from their website.

[aka_iitd]

Originally Posted by black12rr

Does any of the bank ( in blore) give loan amount for purchase of plot(land) based on the agreement deed ? . Most of the banks give based on registration amount .

Any ways(tricks or tips ) to get 100 % of loan amount for the land purchase ? , including registration ?

So SBI's maxgain is best of the lot ?

Try ICICI bank. I went with them to get 100%. Builder raised the land value to get the same. Though my experience with ICICI is not good but i left with no alternative.