| |||||||
| Register | BHP Garage | Classifieds | Team-BHP FAQ | Members List | Calendar | Search | Today's Posts | Mark Forums Read |
| Shifting gears Offbeat section dedicated to the world beyond Cars. |
![]() |
| | Thread Tools |
| | #1 (permalink) |
| BHPian Join Date: Aug 2007 Location: Bangalore
Posts: 256
| Hi, I have recently applied for a SBI home loan. Infact, it is a loan transfer from Axis Bank to SBI. Would like to hear from those who has availed SBI home loans as to how long did it take for you to get it approved ? More over, did you guys opt for the SBI Home Insurance for the loan ? IS it some thing really useful ? |
| | |
| | #2 (permalink) |
| BHPian | I too have enquired about transfering my home loan from HSBC to SBI. The kind of documents they ask is simply too much. They want me to get encumberance certificate for the property until March 2009. I feel that SBI agents are asking us to do their job. When i transferred the same property from LIC to HSBC, i did not have to do such things. It was hassle free. Also SBI is asking for surity from a third person from the time they release the funds to the time they get the document transferred from HSBC. Now i'm seriously re-considering other bank because of this.
__________________ Cheers K a s h ---------------------- 2006 Hyundai Getz 1.3 2003 Yamaha Rx135 |
| | |
| | #3 (permalink) |
| BHPian Join Date: Aug 2007 Location: Bangalore
Posts: 256
| In my case, since around 10 people got it approved from my same apartment complex, the local SBI doesn't need much docs. All they asked is 3 months payslip, bank statement,2 years IT return and Form 16 and fore closure letter from previous bank,building plan copy. I guess the tasks of non encumbrence doc and other stuff was done by the previous takers who made the job easier for others who applied later. |
| | |
| | #4 (permalink) |
| BHPian | My cousin had applied to SBI for a home loan and from the day he submitted his application to the date of getting the disbursement draft, it took him exactly 44 days and this included all the documentation and documentation verification.
__________________ Premier Padmini (1983) Maruti 800 DX (1984) Yamaha RX 100 (1987) Kinetic Honda (1995) Maruti Esteem (1995) Maruti Omni (2007) |
| | |
| | #6 (permalink) |
| BHPian Join Date: May 2006 Location: Bangalore
Posts: 347
| That's a long processing period. With the formation of the RACPC (Retail Account Central Processing Cell), am sure that things move much faster now. If you have enclosed all details (including assets and liabilities details) in your application form, then there is no reason why processing should take time. Have your "file number" handy with you, as this is required during follow-up, if you plan to make any. They will certainly revert to you on the progress of the application, also informing you if you need to provide more documents. |
| | |
| | #7 (permalink) |
| BHPian Join Date: Jan 2006 Location: Bangy
Posts: 600
| I would not recommend SBI for large loan amounts (>40 lacs) as the rates after the first year (which is 8%) is way too high at 10.5% than most other banks. I recently got my loan moved from ICICI to BoB for 9.5% which works out much cheaper. They even financed the pre-payment penalty amount of ICICI Bank. The whole process took about 12 days.
__________________ I am an eco-driver |
| | |
| | #9 (permalink) |
| BHPian | I checked about such loan transfer with SBI recently and was told - They need Khatha document, encumbarance certificate, legal openion and an interim guaranteer (guess it is for the time between the loan and documenst get transferred between banks) other than standard documents. Earlier, even if some document was not there or clear, they would used to give loans, as it was between branch managers and individual applying for loans. But now they have a centralized `system`. |
| | |
| | #12 (permalink) | |
| BHPian Join Date: Sep 2007 Location: Chennai
Posts: 174
| Quote:
SBI is offering 8% first year 9.0% second & third year floating from fourth year. Catch is - floating rate is -1.75% from SBLR. BoB is offering 9.75% @ entry and offering floating onwards. The floating rate is -2.75 from PLR. Now the catch is the rates the rates cant go below 9.75% I think that makes BoB unattractive. Would be grateful to hear suggestions. I am willing to wait for processing by public banks. Hence not considering private banks. Last edited by druva : 15th July 2009 at 22:28. | |
| | |
| | #13 (permalink) |
| BHPian Join Date: Sep 2006 Location: bangalore
Posts: 126
| Applied the loan somewhere around May-18th. I kind of followed-up with the manager since the last 2 weeks and finally yesterday evening an evaluator came to my place to evaluate the property. Well this is step-1 it seems!. I guess 6 months should not be a surprise. |
| | |
| | #14 (permalink) |
| BHPian Join Date: Aug 2007 Location: Bangalore
Posts: 256
| I applied on June 13 (don't know whether the date 13 is doing bad luck for me :-). Still, the application is in bank. Valuator has given his report. Now, the bank is waiting for some other report it seems. Hopefully, they will forward it to RACPC this week. |
| | |
| | #15 (permalink) |
| BHPian Join Date: Mar 2007 Location: Bangalore / Boise
Posts: 190
| I have applied for a loan on 1st July. Hope i get things done fast. Looking forward to updates from others. They asked me several documents while submitting including EC, Khata, Old Sale Deed, Sale agreement, photos (including that of the guarentor), and a report from an SBI approved laywer. All these took 20 days, considering my schedule. As far as i know, the next step is they need an approval from CIBIL about credit records and then the actual processing starts. . |
| | |
![]() |
« Trichologists in Hyderabad? As well as other Hair and Scalp Discussions
|
Funny/Intermixed car names »
| Thread Tools | |
Similar Threads | ||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Which car loan to go for BOI \ SBI \ HDFC ? | wildon | Indian Car Loans & Insurance | 192 | 9th November 2009 20:16 |
| Help with a home loan ! | Shakensoul | Shifting gears | 114 | 12th September 2009 16:59 |
| SBI cuts home, car and retail loan rates | dadu | Indian Car Loans & Insurance | 18 | 29th October 2007 19:02 |
| Car loan SBI or Kotak ? | SX4_2007 | Indian Car Loans & Insurance | 23 | 9th July 2007 18:10 |
All times are GMT +5.5. The time now is 14:51.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608






.
