[dmplog]

Originally Posted by shipnil

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.



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.



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.

If I understand this correctly, @Parthasarathig registered an 'Agreement to Sale' while booking this flat where a booking amount (and possibly some downpayment) is paid is recorded in the agreement. I assume, SBI has made partial disbursement. However, as the builder hasn't yet finished the construction the "Sale Deed" is not yet done.

For any loan, your property has to be mortgaged with the lender - SBI (i.e. you agree that SBI will possess the property if you fail to repay the loan). The original papers (including All original Agreement to Sale, Sale Deed, Title Papers, 7/12 documents, etc) has to be kept with SBI till you repay. This is perfectly normal. And I repeat - ORIGINAL papers are required. I am actually surprised that SBI even gave you partial disbursement on the Xerox/photocopy of Agreement to Sale.

So, yes - You have to do the Agreement to Sale and submit the original copy to SBI.

[Parthasarathig]

Originally Posted by dmplog

If I understand this correctly, @Parthasarathig registered an 'Agreement to Sale' while booking this flat where a booking amount (and possibly some downpayment) is paid is recorded in the agreement. I assume, SBI has made partial disbursement. However, as the builder hasn't yet finished the construction the "Sale Deed" is not yet done.

So, yes - You have to do the Agreement to Sale and submit the original copy to SBI.

Thanks for the information sir. As pointed out in the earlier posts i followed it and promptly went and submitted the sale agreement's original papers to the bank. The bank hasnt done full disbursement yet since the payment has been broken down into 4 installments to be given to builder at specific intervals.

Yes sir what you said is correct. Indeed it is the Agreement of Sale so as to get the loan as we wanted the construction to be completed before we registered the deed. I hope im using the correct terms since im what one would call a newbie in terms of buying a flat.

Thanks once again.

[anandpadhye]

Read in the papers today SBI has reduced the base rate by 0.25 effective 7'th August.
Hope they have done it for existing customers as well.

[ghodlur]

Originally Posted by anandpadhye

Read in the papers today SBI has reduced the base rate by 0.25 effective 7'th August.
Hope they have done it for existing customers as well.

The reduction is by 50 basis points or 0.5% drop in the ROI from 10.75 to 10.5%. This is applicable for existing customers too but it seems they need to refinance it again. Dont know what that means, will check with the bank.

[MaxTorque]

Hi friends, I too applied for the MaxGain homeloan. It has been four months and finally after making number of follow ups, I got the loan sanctioned. Now they have called me to sign the agreement. I need a help, can some one list the major expenses incurred during processing of this loan..? SBI has asked me to carry Rs.6000 in cash. As on today I have already paid - INR-3600 for title search and valuation charges.

[ghodlur]

Originally Posted by MaxTorque

Hi friends, I too applied for the MaxGain homeloan. It has been four months and finally after making number of follow ups, I got the loan sanctioned. Now they have called me to sign the agreement. I need a help, can some one list the major expenses incurred during processing of this loan..? SBI has asked me to carry Rs.6000 in cash. As on today I have already paid - INR-3600 for title search and valuation charges.

AFAIK the expenses expected are processing charges, Franking charges, Documentation charges, A/c opening (if you dont have a SBI account). I am not sure if the Insurance charges are a part of 6K expenses, it may be seperate. Hope this helps

[dmplog]

Originally Posted by MaxTorque

Hi friends, I too applied for the MaxGain homeloan. It has been four months and finally after making number of follow ups, I got the loan sanctioned. Now they have called me to sign the agreement. I need a help, can some one list the major expenses incurred during processing of this loan..? SBI has asked me to carry Rs.6000 in cash. As on today I have already paid - INR-3600 for title search and valuation charges.

I think, @ghodlur has pointed out all the possible charges.
Hope you have not opted for SBI Life Policy with this loan. It's much cheaper to get a simple Term Insurance Policy instead of Home Loan Insurance (SBI Life).

[MaxTorque]

Originally Posted by dmplog

I think, @ghodlur has pointed out all the possible charges.
Hope you have not opted for SBI Life Policy with this loan. It's much cheaper to get a simple Term Insurance Policy instead of Home Loan Insurance (SBI Life).

I have not opted for SBI life Policy as of now. They tried to sell a policy to me but I already have Rs.50lakh term insurance from another provider. I was planning to check the offering from SBI but they are too costly compared to the competition. They had send me an insurance application form, that came with agent code prefilled.

Seeing that I questioned the agent and asked him, you need a coverage but why are you insisiting that it should be from SBI and same agent (whose code was filled in the form). He was not able to answer my queries. So I made it clear that, if you are forcing me to take a policy please communicate the same in an e-mail. But he did not do that. Then I said, If we can't proceed without the policy we can stop the process here.

One month later now I got the call from SBI for loan agreement signing.

To cut short, the Policy is not compulsory - provided the applicant has sufficient insurance coverage...

[ghodlur]

Originally Posted by dmplog

Hope you have not opted for SBI Life Policy with this loan.

Originally Posted by MaxTorque

To cut short, the Policy is not compulsory - provided the applicant has sufficient insurance coverage...

Uptil last few months Home Insurance policy premium from SBI was much cheaper than the term life premium as SBI would buy the Insurance from Govt Insurance companies in bulk and hence the premium per Home loan customer would be relatively cheaper, but I guess thats not the case now since SBI is forcing to buy the insurance from SBI Life which is way costlier.

[cannon]

Would like to update on my experience with SBI and it was not expected out of a PSU Bank

1. A sum of Rs XXXXX was deducted from my SBI Maxgain Loan Account without my consent.

2. On enquiry was informed the deduction was towards Insurance.

Now my concerns are as follows, for which even the AGM, SBI RACPC had no answer.

1. How can they deduct any money other than interest and principle from our account without bring the same to my notice or consent.
2. Suppose I had issued a cheque of Rs X and it bounces because of shortage of funds (as SBI has deducted some money from my account without informaing me) will SBI take care and compensate me from the legal hassles
3. Insurance is a subject of solicitation and I had clearly indicate that I do not want any bundling of any type of Insurance with my Home loan and for this I have written communication from SBI
4. Okay SBI decides to provide me an Insurance, but did find that I need to be explain the policy that they decided to give me (Infact, when I met the insurance guy at the Bank, he was not able to explain the policy properly, did not know for what amount my Property was insured and how did they arrive at the premimum. They took close to 25 mins and about 10 - 15 combinations in the excel sheet to get it right). God help SBI General Insurance
5. I was promised a detailed mail about the premium calculation and its features as of yesterday evening, which I am yet to receive.
6. They claimed that I had signed the policy proposal form, when I asked them to check my file, they started some cock and bull story. I showed them my records and asked the AGM to get my file and we did not find any proposal form at all.

So basically SBI is fleecing people like us, which was not expected by a PSU bank like SBI. So all the people with home loans take care of this scam

[lapis_lazuli]

Originally Posted by cannon

So basically SBI is fleecing people like us, which was not expected by a PSU bank like SBI. So all the people with home loans take care of this scam

Any updates on this? Did you get a refund? Did you lodge a formal complaint?

[shipnil]

Originally Posted by cannon

Would like to update on my experience with SBI and it was not expected out of a PSU Bank

1. A sum of Rs XXXXX was deducted from my SBI Maxgain Loan Account without my consent.

2. On enquiry was informed the deduction was towards Insurance.

Now my concerns are as follows, for which even the AGM, SBI RACPC had no answer.

As far as I know, this is deducted towards the property insurance. This has been made mandatory. Even HDFC and Axis ask for the same. In my case, they had expressly asked for a check. May be in your case, they did not ask it but I think they are within rights to deduct the same/ add the same to the outstanding amount.

In my case it was a different insurer. New India Assurance. SBI did not have any product of their own.

[maverickgenius]

Originally Posted by cannon

Would like to update on my experience with SBI and it was not expected out of a PSU Bank

1. A sum of Rs XXXXX was deducted from my SBI Maxgain Loan Account without my consent.

2. On enquiry was informed the deduction was towards Insurance.

Now my concerns are as follows, for which even the AGM, SBI RACPC had no answer.

1. How can they deduct any money other than interest and principle from our account without bring the same to my notice or consent.
2. Suppose I had issued a cheque of Rs X and it bounces because of shortage of funds (as SBI has deducted some money from my account without informaing me) will SBI take care and compensate me from the legal hassles
3. Insurance is a subject of solicitation and I had clearly indicate that I do not want any bundling of any type of Insurance with my Home loan and for this I have written communication from SBI
4. Okay SBI decides to provide me an Insurance, but did find that I need to be explain the policy that they decided to give me (Infact, when I met the insurance guy at the Bank, he was not able to explain the policy properly, did not know for what amount my Property was insured and how did they arrive at the premimum. They took close to 25 mins and about 10 - 15 combinations in the excel sheet to get it right). God help SBI General Insurance
5. I was promised a detailed mail about the premium calculation and its features as of yesterday evening, which I am yet to receive.
6. They claimed that I had signed the policy proposal form, when I asked them to check my file, they started some cock and bull story. I showed them my records and asked the AGM to get my file and we did not find any proposal form at all.

So basically SBI is fleecing people like us, which was not expected by a PSU bank like SBI. So all the people with home loans take care of this scam

As said above, this Insurance amount is towards the house property. This is mandatory since the house is the security for the bank and they insure it against natural calamities.

It definitely was wrong of them to not intimate the customer beforehand.

[babhishek]

I recently paid a 0.56% processing fee to reduce my Maxgain Loan from a rate of 12.05% to 9.95%.

The fee was applicable on my OD Limit as per Max Gain. This is in Kolkata, for those who might benefit from this info.

[reachbennym]

How loooooong did it take! I applied in 1st week of march - and I am still waiting for disbursement . This is despite all documentation being in order.

I have made at least 15 visits to SBI office since calls are never answered. Avoid SBI if possible. The small interest difference does not make sense for new loans. However if you are having existing loan at high interest rates and infinite time and patience to deal with government staff then probably it make sense.