[arun_josie]

Originally Posted by fordday

I took SBI Life insurance for 1.39L which covers the loan outstanding at any time. I have not received the insurance papers as yet after 7 working days.

I received the Insurance papers only after two months. It will be directly send to the home branch from where you applied the home loan.

Originally Posted by coolnawab

Thanks for the info Fordday.

I'm also planning to go for the loan with SBI. Can you plz let me know if there's a difference between going for an SBI Branch or directly approaching RACPC (i mean speed of processing or any other factor etc.)?

Is there an option to submit the application in RACPC? As far as I know all the applications has to be routed through a SBI branch. Even if there is a option i don't think its going to make a big difference because when a application is submitted to a SBI branch, after verifying the documents they immediately send it to RACPC for processing. Later you will be communicated from RACPC directly.

[fordday]

Originally Posted by coolnawab

Can you plz let me know if there's a difference between going for an SBI Branch or directly approaching RACPC (i mean speed of processing or any other factor etc.)?

Originally Posted by arun_josie

I received the Insurance papers only after two months. It will be directly send to the home branch from where you applied the home loan.


Is there an option to submit the application in RACPC? As far as I know all the applications has to be routed through a SBI branch. Even if there is a option i don't think its going to make a big difference because when a application is submitted to a SBI branch, after verifying the documents they immediately send it to RACPC for processing. Later you will be communicated from RACPC directly.

I do not think you can directly approach RACPC. They are the backend people. However they have Specialized Home loan processing branch. In bangalore it is in Jayanagar 9th block, opposite to BMTC workshop. What I heard is they have a turn around time of 5 days.

I must mention here about my experiences.
I went to that branch first and the manager(a lady), flatly refused saying, for my apartment she will not give any loan because earlier someone approached them and that loan seeker could not provide some builder related documents to the banks satisfaction. So they are not going to take the trouble again. I went there again when I found out another SBI branch has sanctioned a loan to another flat in my apartment. I infact took a photocopy of the other mans DD. This time the manager said, albeit in a loud voice, they she (not her bank) will not give any loan and if any other SBI branch is offering loan then I should approach that branch. I finally went to the branch that has tie up with our office.

On the day of registration the SBI person carrying the loan DD said it is not possible for him to come to registrar's office and instead I should come to the SBI Jayanagar, 9th block branch. Finally he handed me the loan DD in the very branch where I was refused initially, almost in front of that lady manager.

What a sweet revenge it was.

[BulZire]

Originally Posted by BulZire

It's more than a month i had applied for the loan in SBI and it is not sanctioned yet. No clue of when it will be done also .
The latest i got to know is the legal report is received from the lawyer and the proposal has been sent. Trust and pray to get it sanctioned in a week at least, else lot of my plans will go for a toss.

After a long 2 1/2 months wait, i got the loan sanctioned 2 weeks back and did the registration last week.

[cannon]

Has anyone take SBI Home Equity loan ?

[ArunV]

I had to wait for 3 months for the loan approval.
Submitted the documents at Koramangala RACPC. Waiting for first dispursement once the notice from builder comes.

The lady at Koramangala RACPC was outright arrogant. She didnt try to clear any of my doubts. But she kept saying whatever she felt and was shouting at me saying that she doesn't have a system to check different details. She was even saying that she doesnt know whatever the bank said and they are not responsible for that. She never tried to understand what my doubt was or never tried to clear it.

Pathetic service!!!!

[BulZire]

Originally Posted by ArunV

I had to wait for 3 months for the loan approval.
Submitted the documents at Koramangala RACPC. Waiting for first dispursement once the notice from builder comes.

The lady at Koramangala RACPC was outright arrogant. She didnt try to clear any of my doubts. But she kept saying whatever she felt and was shouting at me saying that she doesn't have a system to check different details. She was even saying that she doesnt know whatever the bank said and they are not responsible for that. She never tried to understand what my doubt was or never tried to clear it.

Pathetic service!!!!

Same Blood

I know about whom you are talking, i also went through all these problems. Not only the lady, few other people in that office are of that type. Sometimes i felt like throwing away the papers on their face and process the loan in some private bank. But since mine was at last stage i kept myself cool bearing all the mental stress. Everytime i went there,I was made to wait for couple of hours for no reason.

One of my relative is a retired senior guy from a national bank and now he is acting as a advisor for SBI in many sections as part time. I am planning to take this matter to some higher up's through him.

They treat you as if they give the money for free, Crap. They have a very bad attitude.

[rohan_iitr]

Why don't you guys write a complaint email to the SBI Bangalore LHO ? The email address is mentioned on the SBI website.

If several customers complaint against a particular officer, she would be reprimanded for her arrogant behaviour.

Rohan

[anandpadhye]

In lighter vein....

Chill guys.
After all the drama and ego trips and inconviniences, this SBI home loan turns out to be much much better than other banks.

I went through all this last year, it took around a couple of months (when ICICI was ready to sanction in 3 days or so).

Is there any other bank that offers this current account kind of loan? There was none last year. And the beauty is - it really works. You can park whatever small amounts you can/want into this account and they reduce the monthly interest accordingly. Whenever you need that money, you can withdraw. So you have fully flexible prepayment mechanism and you can take the prepaid amount back if you need it - without applying for another loan.

Once you see it working, you will forget all the trouble you had to go through. In my case, even all those people in the branch and RACPC were very kind and helped me with everything. I made some good friends in those two months!

Cheers!

[ArunV]

Originally Posted by anandpadhye

In lighter vein....

Chill guys.
After all the drama and ego trips and inconviniences, this SBI home loan turns out to be much much better than other banks.

I went through all this last year, it took around a couple of months (when ICICI was ready to sanction in 3 days or so).

Is there any other bank that offers this current account kind of loan? There was none last year. And the beauty is - it really works. You can park whatever small amounts you can/want into this account and they reduce the monthly interest accordingly. Whenever you need that money, you can withdraw. So you have fully flexible prepayment mechanism and you can take the prepaid amount back if you need it - without applying for another loan.

Once you see it working, you will forget all the trouble you had to go through. In my case, even all those people in the branch and RACPC were very kind and helped me with everything. I made some good friends in those two months!

Cheers!

Anand,
agree that SBI loan is good with flexible payment options. But when anyone takes a loan, he would like to know how much he is supposed topay every month and how the amount is split between interest and prinicpal.

I think i will get some idea on these things once i start payment.

[dmplog]

Originally Posted by anandpadhye

In lighter vein....

Once you see it working, you will forget all the trouble you had to go through. In my case, even all those people in the branch and RACPC were very kind and helped me with everything. I made some good friends in those two months!

Cheers!

@Anand - Counldn't agree more. I too had relatively trouble-free experience in all my dealings related to SBI Home Loan (RACPC and Branch). Though the processing was slow, it was surely for good :-) The MaxGain rocks and truly a fantastic product!

[anandpadhye]

Originally Posted by ArunV

But when anyone takes a loan, he would like to know how much he is supposed topay every month and how the amount is split between interest and prinicpal.

I think i will get some idea on these things once i start payment.

Boss,
Why you worry?
Even if they won't be able to tell you (or they just don't want to tell you upfront because of ATTITUDE or something), it's not upto them anyway. The software does what it has to do - depending upon the prevailing rates - so you will be charged what everyone else will be charged. Good thing is the system "works". They may look disinterested in answeting your questions, they are surely disinterested in cheating you as well .

Originally Posted by dmplog

@Anand - Counldn't agree more. I too had relatively trouble-free experience in all my dealings related to SBI Home Loan (RACPC and Branch). Though the processing was slow, it was surely for good :-) The MaxGain rocks and truly a fantastic product!

Yes sir, MaxGain rocks.

[Parthasarathig]

Hello friends my query is a bit different than what the thread title suggests.
I had taken a loan from SBI regarding purchase of a new flat. It did take very long to process with them trying to cause problems for us at every step. However the loan did get sanctioned and that kind of let matters cool down.

Now my query is my developer is past the promised time of delivery as mentioned in an agreement signed by the developer. This agreement had been registered at the registry office as the bank wanted such a document before sanctioning the loan. Now 6months after having sanctioned the loan, the manager is asking us to deposit the original copy of the above agreement and he isnt giving any clarification as to why the xeroxed and attested version given earlier has suddenly become invalid.

Now memories of all the previous running around from pillar to post for explanations has resurfaced and Id hate to go through all that harassment again. Can anyone clarify why that document maybe needed? As that is the only original one we have. The other being with the developer.

Also since the developer has passed his promised delivery date long back and yet to finish the project can we ask him for some compensation? The signed agreement says that he is liable to pay compensation as the rent that flat would accrue given the rates in the neighborhood buildings. So im thinking should i bring this up or should i try to maintain a good relation with him? Can it lead to any future problems? Sorry if im going OT.

Best Regards.

[anandpadhye]

Originally Posted by Parthasarathig

Now my query is my developer is past the promised time of delivery as mentioned in an agreement signed by the developer. This agreement had been registered at the registry office as the bank wanted such a document before sanctioning the loan. Now 6months after having sanctioned the loan, the manager is asking us to deposit the original copy of the above agreement and he isnt giving any clarification as to why the xeroxed and attested version given earlier has suddenly become invalid.

What is the problem in handing over the original agreement to SBI?

Any bank who would give you loan on your property will take the property papers in their custody until the loan is repayed in full. IMO, there is no reason to run from pillar to post to find a reason for this. The bank gave you money to buy the flat so the bank will keep the flat documents with themselves as a collateral - simple.

The delay on the builder's part is a separate issue and has nothing to do with handing over the originals to the bank. Pursuing for compensation from builder is also a separate matter that has nothing to do with the custody of original documents.

[Parthasarathig]

Originally Posted by anandpadhye

What is the problem in handing over the original agreement to SBI?


.

Thanks. Regarding the agreement it is not the registered deed. Rather its just a registered agreement saying we have paid some part and the rest needs to be paid by the bank. And the flat contains this many rooms and other details. We dont have a deed as of now.
Thanks for clarifying the situation.

[shipnil]

Originally Posted by anandpadhye

Chill guys.
After all the drama and ego trips and inconviniences, this SBI home loan turns out to be much much better than other banks.

Totally agree with you. As regards to the customer handling, I feel Pune RACPC has done a decent job. But I get the feeling that in other cities the picture is different. In my case, I was talking to the agent all the time. Only for signing the mortgage agreement, I had to go to RACPC. The officer was quite cooperative.

Then another time I had to change my bank used to deduct EMIs. Even then the experience was smooth.

Originally Posted by anandpadhye

What is the problem in handing over the original agreement to SBI?

I still did not get what Parthasarathig is asking. For any mortgage loan, the "Original Sale Deed" must be kept with the bank. Without that the bank will not release the loan amount.

Originally Posted by Parthasarathig

Thanks. Regarding the agreement it is not the registered deed. Rather its just a registered agreement saying we have paid some part and the rest needs to be paid by the bank. And the flat contains this many rooms and other details. We dont have a deed as of now.
Thanks for clarifying the situation.

I am not sure what is this agreement. Even to release first payment to builder, SBI would need "Origianl Sale Deed". May be you are referring to a Booking note/agreement that the builder usually hands over at the time of booking.