[joecherian]

Hi, I have recently applied for a SBI home loan. Infact, it is a loan transfer from Axis Bank to SBI. Would like to hear from those who has availed SBI home loans as to how long did it take for you to get it approved ? More over, did you guys opt for the SBI Home Insurance for the loan ? IS it some thing really useful ?

[K a s h]

I too have enquired about transfering my home loan from HSBC to SBI. The kind of documents they ask is simply too much. They want me to get encumberance certificate for the property until March 2009. I feel that SBI agents are asking us to do their job. When i transferred the same property from LIC to HSBC, i did not have to do such things. It was hassle free. Also SBI is asking for surity from a third person from the time they release the funds to the time they get the document transferred from HSBC. Now i'm seriously re-considering other bank because of this.

[joecherian]

In my case, since around 10 people got it approved from my same apartment complex, the local SBI doesn't need much docs. All they asked is 3 months payslip, bank statement,2 years IT return and Form 16 and fore closure letter from previous bank,building plan copy.
I guess the tasks of non encumbrence doc and other stuff was done by the previous takers who made the job easier for others who applied later.

[kannan666]

My cousin had applied to SBI for a home loan and from the day he submitted his application to the date of getting the disbursement draft, it took him exactly 44 days and this included all the documentation and documentation verification.

[joecherian]

Originally Posted by kannan666

My cousin had applied to SBI for a home loan and from the day he submitted his application to the date of getting the disbursement draft, it took him exactly 44 days and this included all the documentation and documentation verification.

Hmm,that was too fast considering SBI.For my colleague, it took solid 6 months to get the draft.

[dkamath]

Originally Posted by joecherian

For my colleague, it took solid 6 months to get the draft.

That's a long processing period. With the formation of the RACPC (Retail Account Central Processing Cell), am sure that things move much faster now. If you have enclosed all details (including assets and liabilities details) in your application form, then there is no reason why processing should take time.
Have your "file number" handy with you, as this is required during follow-up, if you plan to make any. They will certainly revert to you on the progress of the application, also informing you if you need to provide more documents.

[appuchan]

I would not recommend SBI for large loan amounts (>40 lacs) as the rates after the first year (which is 8%) is way too high at 10.5% than most other banks. I recently got my loan moved from ICICI to BoB for 9.5% which works out much cheaper. They even financed the pre-payment penalty amount of ICICI Bank. The whole process took about 12 days.

[kalpeshc]

SBI has Maxgain which is a wonderful product if you are looking at closing out the loans sooner than their tenure...

[shyamhegde]

I checked about such loan transfer with SBI recently and was told -
They need Khatha document, encumbarance certificate, legal openion and an interim guaranteer (guess it is for the time between the loan and documenst get transferred between banks) other than standard documents.

Earlier, even if some document was not there or clear, they would used to give loans, as it was between branch managers and individual applying for loans. But now they have a centralized `system`.

[clevermax]

Joe, it will be worthwhile asking Ajish regarding this. Don't know whether he is in this forum or not. He has availed SBI loan.

[joecherian]

Originally Posted by clevermax

Joe, it will be worthwhile asking Ajish regarding this. Don't know whether he is in this forum or not. He has availed SBI loan.

Well, I have completed the first step , viz, submitting the application. Manager has asked me to follow up after 15 days.. That is the next target now.

[druva]

Originally Posted by appuchan

I would not recommend SBI for large loan amounts (>40 lacs) as the rates after the first year (which is 8%) is way too high at 10.5% than most other banks. I recently got my loan moved from ICICI to BoB for 9.5% which works out much cheaper. They even financed the pre-payment penalty amount of ICICI Bank. The whole process took about 12 days.

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.

[santhosh_kumard]

Applied the loan somewhere around May-18th. I kind of followed-up with the manager since the last 2 weeks and finally yesterday evening an evaluator came to my place to evaluate the property. Well this is step-1 it seems!.

I guess 6 months should not be a surprise.

[joecherian]

I applied on June 13 (don't know whether the date 13 is doing bad luck for me :-). Still, the application is in bank. Valuator has given his report. Now, the bank is waiting for some other report it seems. Hopefully, they will forward it to RACPC this week.

[deep_bang]

I have applied for a loan on 1st July. Hope i get things done fast. Looking forward to updates from others.

They asked me several documents while submitting including EC, Khata, Old Sale Deed, Sale agreement, photos (including that of the guarentor), and a report from an SBI approved laywer. All these took 20 days, considering my schedule.

As far as i know, the next step is they need an approval from CIBIL about credit records and then the actual processing starts. .