[saildrive]

Originally Posted by blorebuddy

I am closing my home loan and going to collect the original documents.
Anyone has done the mortgage removal process in the registrar office after loan closure? Can you please let me know the process in Bangalore?

Ideally before closing call the Bank (Home Loan) and ask them of the formalities that entail; reason is this can a week or two for them to check all payouts made, any late payment charges, balance outstanding if any etc. Also check all the documents given to the bank, they must have given you a letter of documents in their custody you have given them.

The service rep should be able to tell you the time needed for finishing up all the above. Please retain all statements, basis payments (EMI's) made to the bank so you are not sprung a surprise.

Usually, they courier the documents to your residence; so going to the bank may not be needed.

Making a call, may cut your trip to the bank.

And, congratulations on closing your Home Loan too!

[varkey]

Originally Posted by blorebuddy

Anyone has done the mortgage removal process in the registrar office after loan closure? Can you please let me know the process in Bangalore?

Congratulations! I have not done the lien removal process at the registrar office, but the bank should be able to guide you or point you to an agent. My HL is with BoB, and at the time of property purchase, the bank manager said that she can arrange a person to handle the formalities at the registrar office. I didn't take their services as the builder's CRM team took care of it for an additional fee of Rs 2000-3000.

Technically, you can do this yourself too if you have some free time, and you are okay to visit the registrar office a couple of times if necessary. The application would need to be submitted through https://kaveri.karnataka.gov.in. The bank official will also need to be there to remove the lien, unless the bank staff is exempted from making a personal appearance (BoB is exempted, and even the lien addition was done by me).

[t18]

I would like to share my frustrating experience with SBI Home Loan.

I chose a property in a Gram Panchayat area that already had an ongoing SBI Home Loan, assuming this would simplify the process. Unfortunately, I was mistaken.

The bank provided me with a pre-approved loan sanction letter and instructed me to proceed with the registration, which I did. Subsequently, I made frequent visits to the bank to submit the required documents. After 20 days of document submission, I was informed that my loan application was rejected because SBI does not consider the Gram Panchayat Completion Certificate a valid document. This was despite the fact that the seller had an existing SBI loan on the same property.

I am deeply troubled by the bank's actions:

1. SBI Bank instructed me to register the property without thoroughly reviewing the property documents.
2. SBI denied my loan for a property that already has an existing SBI loan.

I am seeking advice on whether I can file a complaint with the RBI or any other relevant authority. Due to this experience, I now have to start the home loan process all over again with a different bank.

[thanixravindran]

Originally Posted by t18

I would like to share my frustrating experience with SBI Home Loan.

I chose a property in a Gram Panchayat area that already had an ongoing SBI Home Loan, assuming this would simplify the process. Unfortunately, I was mistaken.

The bank provided me with a pre-approved loan sanction letter and instructed me to proceed with the registration.

I am seeking advice on whether I can file a complaint with the RBI or any other relevant authority. Due to this experience, I now have to start the home loan process all over again with a different bank.

I am little confused. Is this Second sales of property that is under home loan? For registration, doesn't seller expect full payment? Do you have to pay him in full, he will clear his loan on property to be free of encumbrance, then after registration, you will get the loan amount from bank. Is this the process while buying second hand property?

SBI earlier was giving loan in Gram Panchayat area but for first sale of land and construction from a real estate builder.

[t18]

Originally Posted by thanixravindran

I am little confused. Is this Second sales of property that is under home loan? For registration, doesn't seller expect full payment?
Do you have to pay him in full, he will clear his loan on property to be free of encumbrance, then after registration, you will get the loan amount from bank. Is this the process while buying second hand property?

SBI earlier was giving loan in Gram Panchayat area but for first sale of land and construction from a real estate builder.

Yes, the property has an ongoing home loan from SBI. We have to get registration done first.
Seller will be paid the loan amount for closing their home loan and getting the original documents from bank.
Then my bank releases balance amount to seller once the seller provides their original registration documents.

I was clear on it being a Gram Panchayat area before submitting documents and still they kept on with the process until the documents reached SBI RCPC, where it got rejected for just one document i.e: Nagar Panchayat OC.