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Old 6th October 2018, 13:15   #211
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Default Re: SBI Home Loan : How long it took ?

Recently a friend applied for SBI loan (in end of August) through a reliable agent.
He has still not heard back from the bank.
Since he finalized the property in September end, he had to approach ICICI and got a loan in 3 days.
SBI is yet to revert.

Question: Is it now harder to get loan from SBI? I don't want to waste time chasing them if they don't want to offer me loan.

Last edited by S_U_N : 6th October 2018 at 13:32.
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Old 6th October 2018, 14:10   #212
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Default Re: SBI Home Loan : How long it took ?

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Originally Posted by S_U_N View Post
Recently a friend applied for SBI loan (in end of August) through a reliable agent.
He has still not heard back from the bank.
Since he finalized the property in September end, he had to approach ICICI and got a loan in 3 days.
SBI is yet to revert.

Question: Is it now harder to get loan from SBI? I don't want to waste time chasing them if they don't want to offer me loan.
Why did he even use an agent? Walking into the bank would have got him fast service.
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Old 6th October 2018, 15:33   #213
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Default Re: SBI Home Loan : How long it took ?

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Why did he even use an agent? Walking into the bank would have got him fast service.
Well, isn't it true that once you approach SBI, you are made to run from pillar to post, asking one document or another, just to discourage the applicant to get a straight loan?
I think that is common perception of the state-run banks.
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Old 6th October 2018, 16:32   #214
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Default Re: SBI Home Loan : How long it took ?

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Originally Posted by S_U_N View Post
Well, isn't it true that once you approach SBI, you are made to run from pillar to post, asking one document or another, just to discourage the applicant to get a straight loan?
I think that is common perception of the state-run banks.
I have taken and closed two home loans from a sbi personal banking branch and this has not been my experience.

What incentive do they have not to give out loans?

Yes - if your intended property has any deviation they will outright reject the loan rather than offer it - while icici etc will happily loan you the money. They have procedures that they stick to.
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Old 6th October 2018, 18:38   #215
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Default Re: SBI Home Loan : How long it took ?

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Originally Posted by S_U_N View Post
Well, isn't it true that once you approach SBI, you are made to run from pillar to post, asking one document or another, just to discourage the applicant to get a straight loan?
I think that is common perception of the state-run banks.
No, you won't have to run pillar to post for getting the loan unless there is a problem with the property papers itself. But if you need any clarification or additional service later on then you will have to struggle even for minor support. The branch managers usually don't reply emails, on phones they will keep postponing it, customer care will advise you to visit branch for every other issue. There are numerous things in their banking system that the employees themselves are not aware of.
And yes your friend can directly contact the loan officer in the branch. He will be more than happy to sell you the loan.

Last edited by huntrz : 6th October 2018 at 18:39.
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Old 20th April 2019, 22:18   #216
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Default Re: SBI Home Loan : How long it took ?

I have a SBI Maxgain home loan account taken in 2012 for 33.7L After seven years of paying EMI, I can see the principal amount reducing only by an amount of Rs 5L.

I have doubt how do they deduct the principal amount from the loan. It is not shown anywhere in the statement. My EMI date is 5th of every month. EMI comes from Citi and it always gets credited on 6th.

If I compare the book balance between 4th and 5th of the month, I can see the principal amount deducted on 5th.

How can I get the amortization schedule for my HL? Has anyone received it?

Principal amount deduction seems like a black box to me. Why don't they show it clearly in a statement is surprising?
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Old 20th April 2019, 23:38   #217
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I have a SBI Maxgain home loan account taken in 2012 for 33.7L After seven years of paying EMI, I can see the principal amount reducing only by an amount of Rs 5L.

What was the interest rate and duration of the loan? Did you take any EMI holiday, where you only paid interest and not principal?
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Old 21st April 2019, 17:34   #218
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What was the interest rate and duration of the loan? Did you take any EMI holiday, where you only paid interest and not principal?
Interest rate was 10.75 at the start and come down to 9.05 now. Am in base rate.
No, never took any EMI holiday.
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Old 12th June 2019, 21:31   #219
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Default Re: SBI Home Loan : How long it took ?

Has anyone able to get the amortization schedule for their SBI maxgain account?

I still could not figure out the principal deduction every month.

Every year I collect the provisional principal + Interest certificate for IT claims deduction. Surprisingly the principal deduction has always been above Rs 1 lakh for all the last six years which means a total of around 7 lakhs approx.

But my principal outstanding has been reduced only by 5 lakhs till now.

Need to visit the branch to get some idea.
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Old 13th June 2019, 12:06   #220
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Default Re: SBI Home Loan : How long it took ?

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Originally Posted by fordday View Post
Has anyone able to get the amortization schedule for their SBI maxgain account?
Have recently taken Maxgain HL. Below is the calculation based on your parameters
LOAN AMOUNT: 3,370,000.00
RATE OF INTEREST PER ANNUM: 10.75%
NO OF INSTALLMENT: 120
EMI: 45,946

See attached pic.
PS: My experience was good. The builder himself gave the SBI guy's phone number. Contacted and got the loan in 2 weeks. Yup, unlike other banks which come home to pick the documents, had to go to the bank to submit since I was in a rush. Overall good. Would love if the loan guys would also answer the phone for queries.
Attached Thumbnails
SBI Home Loan : How long it took ?-maxgain.jpg  

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