SBI Home Loan : How long it took ?

appuchan · 16th July 2009, 09:40

Quote:

Originally Posted by druva

Great. Exactly what I am comparing - SBI vs BoB.

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.

BoB is offering a pure floating rate and it can go below 9.5 depending on changes in PLR. Not like Canara bank or other banks which has a minimum interest rate.

Seeler_Rebeiro · 16th July 2009, 11:35

@appuchan - Did you contact BOB in Mumbai ? If so, can you please let me know which branch ? Also what did you need to do to negotiate that BOB picks up the 2% pre-payment ?

sandeep3in · 16th July 2009, 11:42

It took me approx 2 and half months from the date of submission to getting the loan amount disbursed .

Once it reaches the RACPC i got a SMS from the SBI about them receiving the documents and i had to call RACPC to know how to proceed further .

Well you need to do a little bit of running which will make you frustrated , but at the end of day felt it was worth for it.

Also They asked for all documents like KHata which i didn't have and i clearly said i cannot give the Khata since it was new apartment we moved into.

Rest of the documents includes EC for 3 years /Previous loan account statement/Salary slip/Salary account statement /BDA plan/occupancy certificate .

There were some people in the apartment whose loan had already been approved by SBI , so i just gave their reference for Lawyers verification .

The evalautor who had come to inspect the property demanded money from me as bribe . I had told him to show me the deviation of the property from the BDA plan and then i would shell out money.

Ultimately i just paid his fees and asked him to keep his mouth shut on the bribe stuff.

ntrack · 16th July 2009, 12:17

I had applied for a transfer of me home loan from HSBC to SBI in March 09. It took them 3 months just to tell me that 1st owner of my property had not registered the flat in 1990 (I'm the 4th owner) & all others are registered.
After a lot of running around, finally a guy with influence in SBI told me that for Rs. 25k the loan would be processed (seldom things happen in SBI without bribing).

I said Thanks to him & applied in Bank of Maharashtra, where my loan was approved & by next week it shall be transferred. The ROI is 9.5%, whereas I was paying 12% in HSBC.

joecherian · 12th October 2009, 15:50

A small update on my loan front. Today, I got a mail stating that my HL is approved and I will have to meet the RACPC people with original docs.
I would like to get some additional info from anyone who has gone to RACPC for their loan purposes

The mail which I got states that I should bring the following docs

Original Up to date EC from 16.06.09 to till date, Tax paid receipt
48 post dated cheques for the Moratorium period

My confusion is on the date they have mentioned for the EC ( btb, EC is encumbrance certificate right ?). They require EC from 16/06/09 till date.
I have been living in this apartment from March 2007 and hence am not sure why they mentioned the EC date as 16/06/09

Is it related to the loan application date ? I have applied for the home loan on 13/06/2009

Instead of 48 post dated cheques,can I have the option to give a ECS mandate ? I have a SB account with SBI

I have taken the appointment this friday (16) at 2 PM

Would appreciate if some one can appraise me of any other stuff to be carried for the loan interview

sandeep3in · 12th October 2009, 22:15

Joe they want the latest EC .If the previous EC you submitted is more than 2 months old (not sure if it is 2 months or a month) you need to get the latest EC .

The SBI doesn't have the option for ECS . Cheque is only option.

joecherian · 13th October 2009, 08:06

Quote:

Originally Posted by sandeep3in

Joe they want the latest EC .If the previous EC you submitted is more than 2 months old (not sure if it is 2 months or a month) you need to get the latest EC .

The SBI doesn't have the option for ECS . Cheque is only option.

Thanks Sandeep,
btb, does anyone know how difficult (or easy) it is to get the encumberance certificate from the registrar office for the period from June 16,2009 till date ? Since I have the SBI loan appointment on friday, is it (practically) possible to get this doc before friday ?

sandeep3in · 13th October 2009, 09:08

Joe ,

You can get the EC certificate in a day , Just go to the registrar office with you the apartment registration document and ask them for the form to get the EC certificate .

Fill the form , pretty straightforward and also fill in the registration number of your property which would be stamped in all the pages of your registration document.

The total fees is around 50 to 75 Rs , you could pay him 100 Rs at max nothing more . Also make sure you get the receipt which shows the actual payment for getting the EC .

After you fill up the form just wait for half an hour to an hour to get the EC certificate .

I had gone through this when i transferred my loan to SBI . When you go to RACPC make sure you be there before time and if it is a joint loan account ensure all the account holders and also if you have a guarantor (in case of a loan transfer ) to be there .To also help you just sign all the cheques before hand and fill in the amount at the RACPC .

In case you need any further help you can call me @9886289902 .

joecherian · 13th October 2009, 09:13

Quote:

Originally Posted by sandeep3in

Joe ,

You can get the EC certificate in a day , Just go to the registrar office with you the apartment registration document and ask them for the form to get the EC certificate .

Fill the form , pretty straightforward and also fill in the registration number of your property which would be stamped in all the pages of your registration document.
.

Thanks Sandeep. I will go there tomorrow. My registrar office is in K R Puram. I was under assumption that I might have to grease them for getting this document

kuttapan · 13th October 2009, 15:00

Quote:

Originally Posted by joecherian

A small update on my loan front. Today, I got a mail stating that my HL is approved and I will have to meet the RACPC people with original docs.
I would like to get some additional info from anyone who has gone to RACPC for their loan purposes

The mail which I got states that I should bring the following docs

Original Up to date EC from 16.06.09 to till date, Tax paid receipt
48 post dated cheques for the Moratorium period

For all I know, they mean 16.06.1609

. Thankfully, they don't ask for certificates before Mughal era, lest they not get any loan application in future.

Just don't go with high hopes that they will see the documents asked for, and stamp "APPROVED" on your documents. Didn't happen for me. You may just get lucky, who knows !!

All said and done, to know how the other banks fare in the loan market, one just needs to visit any RACPC branch of SBI . They are always jam packed !!

deep_bang · 15th October 2009, 17:02

Quote:

Originally Posted by joecherian

My confusion is on the date they have mentioned for the EC ( btb, EC is encumbrance certificate right ?). They require EC from 16/06/09 till date.
I have been living in this apartment from March 2007 and hence am not sure why they mentioned the EC date as 16/06/09

Is it related to the loan application date ? I have applied for the home loan on 13/06/2009

My guess is that you/builder has already provided the EC upto 16/6/09. SBI needs upto date EC, just to make sure that the property is not alrady registered in someone else's name between 16/6/09 and now and hence the date. If you look at the old EC's you have submitted, i bet the last would be be upto 16/6/09.

joecherian · 19th October 2009, 09:44

Update from my end is, on wednesday (15th), I went to the registrar office,got the EC( ended up paying 200 to one agent who got it for me). Friday, had the appointment at 2 PM. Hence , landed up at RACPC at 1:30 PM. Found one nice gentle man who was at the entrance, with a sweet smile. I am still wondering who that person is. He was so helpful that he got the file number from me and took me to the person with whom I have to spend the rest of the day

His name is Mr Ramachandra ( Mr R)
Task 1 : Write 36 cheques from my salary account
Task 2: Once this is done, go to the next cube and submit the cheques, get an ack
Task 3: Return to Mr R, sign on the documents. I lost count of how many docs I had to sign
Task 4: Get the doc and go to the stamping section to get it stamped
Task 5:return to Mr R, submit the docs, get the sanction letter copy

In my home loan,since I didn't opt for a guarantor, I was (forced) to opt for SBI Life insurance. I am still thnking whether this is a mandatory stuff. Anyways, I had to take the policy which is for the loan term ( coverage for both the applicants).

Task 6: go to the SBI Life person and fill in the form for the policy

Task 7: come back to Mr R, and he had already moved the file from his cube to disbursements section
Task 8: Go to disbursement section, and then wait till they called my name
Task 9; collected the cheque, exchanged diwali greetings with the gentleman who welcomed us

When I got the cheque in my hand, time was 4:30 PM. In a whole, took 3 hours to do the entire processing

Pending things are, go to Axis bank, submit the cheque and close the loan.

NetfreakBombay · 19th October 2009, 10:56

Quote:

Originally Posted by joecherian

In my home loan,since I didn't opt for a guarantor, I was (forced) to opt for SBI Life insurance. I am still thnking whether this is a mandatory stuff. Anyways, I had to take the policy which is for the loan term ( coverage for both the applicants).

Task 6: go to the SBI Life person and fill in the form for the policy

Not a problem.

Within 15 days, write to SBI Life (not SBI) and cancel the policy.

If you cancel any life policy within 15 days (free look period) you don't have to pay even a single rupee.

superamerica · 19th October 2009, 11:29

I too had a very good experience in availing SBI Home Loan. Mine was a new loan application and it took 20 days from submission to getting the sanction letter. I had submitted the loan app at the SPB (St Marks Road) and contrary to nightmarish delays in processing was pleasantly surprised at the speed.

The experience at RACPC was also very very smooth and friendly. My only grudge was when I was forced to take the SBI Life since I did not have a guarantor which was deemed mandatory for a under construction apartment. Otherwise my experience with SBI has so far been excellent.

joecherian · 19th October 2009, 11:31

Quote:

Originally Posted by NetfreakBombay

Not a problem.

Within 15 days, write to SBI Life (not SBI) and cancel the policy.

If you cancel any life policy within 15 days (free look period) you don't have to pay even a single rupee.

Hey, that is something new. I was forced to take the policy because I didn't opt for the guarantor. Now, if I cancel the policy, will I be asked to furnish a guarantor for the loan ? How does this work ? I haven't got the policy in my hand and hence what reference can I give to cancel the policy ?

16th July 2009, 11:35	#17
Seeler_Rebeiro BHPian Join Date: Jun 2008 Location: Mumbai Posts: 261 Thanked: 82 Times	@appuchan - Did you contact BOB in Mumbai ? If so, can you please let me know which branch ? Also what did you need to do to negotiate that BOB picks up the 2% pre-payment ?
	() Thanks

16th July 2009, 11:42	#18
sandeep3in BHPian Join Date: Aug 2008 Location: Bangalore Posts: 215 Thanked: 120 Times	It took me approx 2 and half months from the date of submission to getting the loan amount disbursed . Once it reaches the RACPC i got a SMS from the SBI about them receiving the documents and i had to call RACPC to know how to proceed further . Well you need to do a little bit of running which will make you frustrated , but at the end of day felt it was worth for it. Also They asked for all documents like KHata which i didn't have and i clearly said i cannot give the Khata since it was new apartment we moved into. Rest of the documents includes EC for 3 years /Previous loan account statement/Salary slip/Salary account statement /BDA plan/occupancy certificate . There were some people in the apartment whose loan had already been approved by SBI , so i just gave their reference for Lawyers verification . The evalautor who had come to inspect the property demanded money from me as bribe . I had told him to show me the deviation of the property from the BDA plan and then i would shell out money. Ultimately i just paid his fees and asked him to keep his mouth shut on the bribe stuff.
	() Thanks

16th July 2009, 12:17	#19
ntrack BHPian Join Date: Jan 2008 Location: Mumbai Posts: 111 Thanked: Once	I had applied for a transfer of me home loan from HSBC to SBI in March 09. It took them 3 months just to tell me that 1st owner of my property had not registered the flat in 1990 (I'm the 4th owner) & all others are registered. After a lot of running around, finally a guy with influence in SBI told me that for Rs. 25k the loan would be processed (seldom things happen in SBI without bribing). I said Thanks to him & applied in Bank of Maharashtra, where my loan was approved & by next week it shall be transferred. The ROI is 9.5%, whereas I was paying 12% in HSBC.
	() Thanks

12th October 2009, 15:50	#20
joecherian BHPian Join Date: Aug 2007 Location: Almhult,Sweden Posts: 550 Thanked: 80 Times View My Garage	A small update on my loan front. Today, I got a mail stating that my HL is approved and I will have to meet the RACPC people with original docs. I would like to get some additional info from anyone who has gone to RACPC for their loan purposes The mail which I got states that I should bring the following docs Original Up to date EC from 16.06.09 to till date, Tax paid receipt 48 post dated cheques for the Moratorium period My confusion is on the date they have mentioned for the EC ( btb, EC is encumbrance certificate right ?). They require EC from 16/06/09 till date. I have been living in this apartment from March 2007 and hence am not sure why they mentioned the EC date as 16/06/09 Is it related to the loan application date ? I have applied for the home loan on 13/06/2009 Instead of 48 post dated cheques,can I have the option to give a ECS mandate ? I have a SB account with SBI I have taken the appointment this friday (16) at 2 PM Would appreciate if some one can appraise me of any other stuff to be carried for the loan interview
	() Thanks

12th October 2009, 22:15	#21
sandeep3in BHPian Join Date: Aug 2008 Location: Bangalore Posts: 215 Thanked: 120 Times	Joe they want the latest EC .If the previous EC you submitted is more than 2 months old (not sure if it is 2 months or a month) you need to get the latest EC . The SBI doesn't have the option for ECS . Cheque is only option.
	() Thanks

13th October 2009, 09:08	#23
sandeep3in BHPian Join Date: Aug 2008 Location: Bangalore Posts: 215 Thanked: 120 Times	Joe , You can get the EC certificate in a day , Just go to the registrar office with you the apartment registration document and ask them for the form to get the EC certificate . Fill the form , pretty straightforward and also fill in the registration number of your property which would be stamped in all the pages of your registration document. The total fees is around 50 to 75 Rs , you could pay him 100 Rs at max nothing more . Also make sure you get the receipt which shows the actual payment for getting the EC . After you fill up the form just wait for half an hour to an hour to get the EC certificate . I had gone through this when i transferred my loan to SBI . When you go to RACPC make sure you be there before time and if it is a joint loan account ensure all the account holders and also if you have a guarantor (in case of a loan transfer ) to be there .To also help you just sign all the cheques before hand and fill in the amount at the RACPC . In case you need any further help you can call me @9886289902 .
	() Thanks

19th October 2009, 09:44	#27
joecherian BHPian Join Date: Aug 2007 Location: Almhult,Sweden Posts: 550 Thanked: 80 Times View My Garage	Update from my end is, on wednesday (15th), I went to the registrar office,got the EC( ended up paying 200 to one agent who got it for me). Friday, had the appointment at 2 PM. Hence , landed up at RACPC at 1:30 PM. Found one nice gentle man who was at the entrance, with a sweet smile. I am still wondering who that person is. He was so helpful that he got the file number from me and took me to the person with whom I have to spend the rest of the day His name is Mr Ramachandra ( Mr R) Task 1 : Write 36 cheques from my salary account Task 2: Once this is done, go to the next cube and submit the cheques, get an ack Task 3: Return to Mr R, sign on the documents. I lost count of how many docs I had to sign Task 4: Get the doc and go to the stamping section to get it stamped Task 5:return to Mr R, submit the docs, get the sanction letter copy In my home loan,since I didn't opt for a guarantor, I was (forced) to opt for SBI Life insurance. I am still thnking whether this is a mandatory stuff. Anyways, I had to take the policy which is for the loan term ( coverage for both the applicants). Task 6: go to the SBI Life person and fill in the form for the policy Task 7: come back to Mr R, and he had already moved the file from his cube to disbursements section Task 8: Go to disbursement section, and then wait till they called my name Task 9; collected the cheque, exchanged diwali greetings with the gentleman who welcomed us When I got the cheque in my hand, time was 4:30 PM. In a whole, took 3 hours to do the entire processing Pending things are, go to Axis bank, submit the cheque and close the loan.
	() Thanks

19th October 2009, 11:29	#29
superamerica BHPian Join Date: Jun 2006 Location: Bangalore Posts: 59 Thanked: 0 Times	I too had a very good experience in availing SBI Home Loan. Mine was a new loan application and it took 20 days from submission to getting the sanction letter. I had submitted the loan app at the SPB (St Marks Road) and contrary to nightmarish delays in processing was pleasantly surprised at the speed. The experience at RACPC was also very very smooth and friendly. My only grudge was when I was forced to take the SBI Life since I did not have a guarantor which was deemed mandatory for a under construction apartment. Otherwise my experience with SBI has so far been excellent. Last edited by superamerica : 19th October 2009 at 11:37.
	() Thanks