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Old 26th December 2017, 17:14   #586
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Quote:
Originally Posted by Pancham View Post
I was thinking of taking a personal loan for 5 years but foreclosing it within 6 months.


Option 3 is what I am looking for.

It's nothing less than a headache to be honest.

Trust me, it is a headache everywhere.

For Balance transfer, you will need to pay all the charges you paid for your SBI loan again ( processing fees, legal and technical feeds, MODT charges) plus a lot of running around. Go this route if you are getting good rates.

For top up loan, you need to pay processing fees and MODT charges.

For Balance transfer, the benefit is that you get all the money from loan and claim deduction on the full amount. Top up generally doesnot qualify for tax deductions.

In my opinion In terms of ease, it will be option 2), 3) and 1), in that order.

Per economics, the order will be 3), 2) and 1),
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Old 26th December 2017, 20:59   #587
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Re: Help with a home loan!

Quote:
Originally Posted by Pancham View Post
few lakhs to get the property registered. The initial sanctioned amount of loan was based on my salary that I received in 2015. Considering my salary has increased since then, is there any way I can get the amount of loan increased ?
Since property is not registered, transfer will be easier to a private lender. This transfer can include top-up.

Other options :
  1. Short term bridge loan : https://www.hdfc.com/housing-loans/s...-loan-salaried
  2. If you have FD / LIC Policy , these can be used to get another loan.
  3. Your PF account can give you loan
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Old 7th January 2018, 10:47   #588
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Re: Help with a home loan!

I have a copue of queries related to SBI normal term housing loan (not MaxGain).

1) How do I make partial pre-payment online? My current outstanding principal is more than 40 lakh. I want to do a partial pre-payment for Rs 40,000. How do I do this?

2) IN SBI portal, I can see that "Drawing Power" and "Outstanding Amount" are showing different numbers. What exactly are these? Which one actually tells the pending loan amount to be settled? If I make a pre-payment, will both of them reduce?

I'm sorry if these look like basic questions. I couldn't understand these terminologies.
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Old 27th February 2018, 12:11   #589
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Re: Help with a home loan!

HI,

Anyone facing the issue with depositing surplus funds in their OD account of MaxGain - SBI?? I am not able to deposit anything in OD account & funds are diverted & validated against outstanding amount of RinRaksha account that is mapped to the same CIF...

Details as follows:

I have been struggling with SBI MaxGain account for some time now.
I was asked to purchase RinRaksha (costing 1,10,000) at the time of loan disbursal. It has a different story altogether, which I will cover somewhere else.

Now as per the facility of MaxGain, I am trying to deposit my surplus funds in the MaxGain account. However whenever I try to do this, the transaction fails stating that "the transaction will result in closure of account contact Branch". I can clearly see outstanding of 30+ Lacs & the transferred fund is way less than this.

While logging into online SBI with the account details of this account, I see two accounts mapped to this single ID (CIF). One is OD account & second is RinRaksha. I am allowed to deposit funds in RinRaksha but not in OD account. I have deposited funds in RInRaksha & made outstanding as Zero.

Now my concern is "being unable to deposit anything into OD account to save some interest & facilitate early payment".
I raised multiple CMS, all closed without contacting me & stated that Customer informed.
Out of the blue Some Mr. Kshitij replied & told me that I have no outstanding on my RinRaksha account hence I cannot deposit anything. The surprise for me was I triggered funds to my OD account & for some reasons unknown to me & the Bank, the amount is credited & validated against the RInRaksha account. Tried my best to explain the issue to Kshitij. He looped in the RACPC branches, who responded in the same fashion (after multiple chasers) without even understanding the actual issue. ANother exchange of emails made things more confusing & complicated..

My simple question to them was "Why am I facing issues in transferring/depositing funds in my OD account & why are my funds diverted to RinRaksha account - When I don't want to???"

This entire thread is going on since last Monday. No one knows what the problem is & no one wants to solve. I looped in the AGM Mumbai (Home Loans) yesterday & today have finally logged a complain against SBI at "RBI BANKING OMBUDSMAN".

God knows what the outcome will be?

Please Let me know If anyone has faced similar issue & if solved, how?

Regards,
Saurabh

Last edited by saurabh2711 : 27th February 2018 at 12:34.
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Old 4th March 2018, 16:26   #590
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Re: Help with a home loan!

Quote:
Originally Posted by scorpion_blore View Post
I have a copue of queries related to SBI normal term housing loan (not MaxGain).

1) How do I make partial pre-payment online? My current outstanding principal is more than 40 lakh. I want to do a partial pre-payment for Rs 40,000. How do I do this?

2) IN SBI portal, I can see that "Drawing Power" and "Outstanding Amount" are showing different numbers. What exactly are these? Which one actually tells the pending loan amount to be settled? If I make a pre-payment, will both of them reduce?

I'm sorry if these look like basic questions. I couldn't understand these terminologies.
I have an SBI non-maxgain home loan account too and making part payments is very easy.

Just login to www.onlinesbi.com. You should be able to see all your accounts there at one place under Accounts Summary, that is your savings bank account, your home loan account, your PPF account etc.

All you need to do is choose Payment/Transfer within your own accounts and transfer money from your savings bank account to your home loan account(this is exactly like how you do an IMPS money transfer) You can immediately see your outstanding balance reduced.

I even use this internal transfer feature to deposit money into my PPF account online. Quite convenient.

Last edited by Oxy : 4th March 2018 at 16:29.
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Old 4th March 2018, 17:04   #591
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Re: Help with a home loan!

I have an exact similar query like Scorpion_Blore. I am not able to understand what is drawing power and Balance ?

I use the online portal and keep transferring excess funds when ever i can ( eg. my monthly debit should be around 29000/- but i transfer a min of 40 K each month), but i really don't know what the statement shows. I just see that SBI has charged me some late payment fees as well, and this is another mystery for me to solve.

I know these are basic questions and could appear quite trivial to people who understand this very well, and i would appreciate any sharing of knowledge on this. Thanks in advance.
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Old 4th March 2018, 22:48   #592
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Re: Help with a home loan!

Quote:
Originally Posted by scorpion_blore View Post
2) IN SBI portal, I can see that "Drawing Power" and "Outstanding Amount" are showing different numbers. What exactly are these? Which one actually tells the pending loan amount to be settled? If I make a pre-payment, will both of them reduce?
For normal home loans, "Drawing Power" is not applicable since you can not withdraw funds anyway. For MaxGain, Drawing Power would be the amound you can withdraw.

All pre-payments will go towards reduction in "Outstanding Amount".

Quote:
Originally Posted by jkrishnakj View Post
I just see that SBI has charged me some late payment fees as well, and this is another mystery for me to solve.
This could create problems for you. Late fees incidents are also reported and are recorded in your credit history for 7 years. This would cause a higher rate of interest for your next Car/Home loan.

I recommend that you follow up and get this cleared (and validate CIBIL report after couple of months).
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Old 12th March 2018, 15:34   #593
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Re: Help with a home loan!

Is it mandatory for registering a home loan - Mortgage registration? HDFC is calling it Memorandum of Deposit of Title deed for the property. I have 2 plot loans which i transferred from LIC to HDFC. The expense related to this is working out to about 30K apart from the headache of going to a distant registrar office and wait there for the registration of the loan. I was told that they may demand money (bribe) from me for this as well. I also need to take 2 witnesses.
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Old 12th March 2018, 16:49   #594
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Re: Help with a home loan!

Quote:
Originally Posted by diyguy View Post
Is it mandatory for registering a home loan - Mortgage registration? HDFC is calling it Memorandum of Deposit of Title deed for the property. I have 2 plot loans which i transferred from LIC to HDFC. The expense related to this is working out to about 30K apart from the headache of going to a distant registrar office and wait there for the registration of the loan. I was told that they may demand money (bribe) from me for this as well. I also need to take 2 witnesses.
Yes.

I've gone through this scenario in 2016 for my 2nd homeloan form HDFC. Although it was not the case with my 1st homeloan with HDFC in year 2011.

Regarding headache of going through this procedure, I had done this process through an agent at the some extra cost (well, not really "some" but it was more than "twice"). Only thing I'd to do was to be present to sign the documents at the registrar office at the specified time. I was out of the registrar office in flat 5 mins and rest of the things were taken care by the agent.

After completion of the process, I recieve one document called "IGR Slip" from registrar office mentioning the amount paid by me as a fees. Not to mention, amount printed in the document was way less than what I'd actually paid to agent.

Hope this helps!
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Old 12th March 2018, 18:37   #595
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Re: Help with a home loan!

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Originally Posted by yoscenario2000 View Post
After completion of the process, I recieve one document called "IGR Slip" from registrar office mentioning the amount paid by me as a fees.
Thank you for the affirmation. I will explore if I can get it done similarly.
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Old 12th March 2018, 21:13   #596
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Re: Help with a home loan!

Quote:
Originally Posted by diyguy View Post
Is it mandatory for registering a home loan - Mortgage registration?
No, I took a HDFC loan few months back and this was not required.

HDFC will ask for this if there are risk flags in the system. E.g.:
  1. Project that is selling plots might not be pre-screened by HDFC
  2. Based on pincode OR area; number of fraud cases (E.g.: Same plot mortgaged to multiple lenders) might breach % threshold
One way to avoid this is to give additional collateral , but it is easier to get the loan agreement registered.
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Old 12th March 2018, 22:32   #597
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Quote:
Originally Posted by NetfreakBombay View Post
HDFC will ask for this if there are risk flags in the system.
Thanks for the response. Since it protects them seems unjustified for me to have to shell out 30k from my pocket on this. Let me try and resist this. It's already two years since I've done nothing on it other than purchase stamp paper
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Old 13th March 2018, 08:55   #598
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Re: Help with a home loan!

Quote:
Originally Posted by diyguy View Post
Thanks for the response. Since it protects them seems unjustified for me to have to shell out 30k from my pocket on this.
Yes, 30k and 6k (usual processing fees) can wipe out significant amount of interest you might have saved due to transfer.
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Old 5th November 2018, 20:32   #599
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Re: Help with a home loan!

Hi all, I am a complete newbie to home loans so these questions could be stupid, but please bear with me.

We have looked into a resale property in Kolkata, it comprises of 2 x 2 BHK flats. The flats are 52 years old and have been renovated approx 10 years back.

The total cost of the flats (excluding registration) verbally agreed with the seller is 80+ lakhs. I need advice on procuring home loan, so far I am struggling to get loans from any PSU as the age of the property is > 12 years.

Me and my wife want to register one each of the flats in our names, and be co applicants in both the loans. We are looking at 80% loans in fixed rate, with no preclosure/prepayment penalties or fees. Ideally the SBI loan discussed here in detail is my preferred option.

Following severe financial austerity, we want to target to close the loan in 10 years as both of us are 35 and there is no assurance of private sector IT jobs beyond 40s.

I am honestly lost how to go about this, and would appreciate guidance. Any trusted banking/loans and lawyer contacts in Kolkata via PM would also be really helpful.
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Old 5th November 2018, 20:41   #600
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Woth your parameters - Looks like you are an SBI home loan customer.
Walk into the closest branch and discuss the offers for the festive season.
DM me your email address, I will check with my Bombay office of they have some resources in Kolkata.
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