[ghodlur]

Originally Posted by penpavan

Not true. There will be a chequebook and a debit card for you. As I said, you can get it only after you register your property and bank gains your sale deed.

This may be the case coz I never felt the need for a second debit card/cheque book as I already got one for the savings account. For me it was compulsory to open the Savings a/c before the Maxgain account was activated.

[fordday]

I got my sbi home loan sanctioned in 5 weeks. As promised they would have done it in 3 weeks but for the builder who took two sweet weeks to deliver a document that the bank asked for.

I have selected insurance option as Yes in the application form. For my loan amount of 34L (20 years tenure) they have added the insurance premium of 1.35L, effectively making the total loan amount 35.35L. This 1.35L will be collected in 5 equal yearly installments. This seems to me quite a big amount for insurance. Did others here get the same treatment?

[speedsatya]

Originally Posted by fordday

This 1.35L will be collected in 5 equal yearly installments. This seems to me quite a big amount for insurance. Did others here get the same treatment?

We have one from Axis Bank . I have paid 1.06L towards insurance . But the amount is much larger than this .

Axis Bank added 600 INR to the 20 year EMI as part of insurance repayment .

[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.

[ghodlur]

Originally Posted by fordday

I have selected insurance option as Yes in the application form. For my loan amount of 34L (20 years tenure) they have added the insurance premium of 1.35L

Originally Posted by speedsatya

I have paid 1.06L towards insurance

@fordday/Speedsatya - What Insurance is being discussed about? Is is personal accident cover or Home Insurance? Pls clarify

Originally Posted by BulZire

Trust and pray to get it sanctioned in a week at least, else lot of my plans will go for a toss.

Precisely the reason why I am hesitant to go along for SBI for my new home loan. I received a mail from the SBI regional manager promising that if all the documents are in place they would sanction the loan in 10 working days which I find very hard to believe. Also the amt of documentation reqd is huge esp the property related even though the project where I intend to buy is already on their approved list. Although the SBI home loan (read Maxgain) has its plus points, the service from SBI totally negates it.

[speedsatya]

Originally Posted by ghodlur

@fordday/Speedsatya - What Insurance is being discussed about? Is is personal accident cover or Home Insurance? Pls clarify


.

It is a protection plan to cover the loan amount . Even suicides covered provided someone does that after one year of the loan being approved

[ghodlur]

Originally Posted by speedsatya

It is a protection plan to cover the loan amount . Even suicides covered provided someone does that after one year of the loan being approved

Is this a one time premium payment plan? Can you provide me with the details of the Policy please if you dont mind(or you can PM me?)

I guess this should be like any other term plans isnt it? So what about Home Insurance then, have you taken it?

[dmplog]

Originally Posted by fordday

I have selected insurance option as Yes in the application form. For my loan amount of 34L (20 years tenure) they have added the insurance premium of 1.35L, effectively making the total loan amount 35.35L. This 1.35L will be collected in 5 equal yearly installments. This seems to me quite a big amount for insurance. Did others here get the same treatment?

@fordday: If you can now, please do not opt for SBI Life Insurance. The reason I say that is from my own experience:
- These loan linked insurance policies are tightly linked to your outstanding loan amount (in fact - amortization schedule). So, the insurance cover actually decreases over the period of time as you pay the EMIs.
- For almost same or slightly higher premium, you can buy a Pure Term Insurance Policy of 20 years or more from LIC or any insurance provider. In this case your insurance cover will last irrespective of your Home Loan. Repeat: buy only Term Insurance and NOT any endowment / moneyback policy.
- Consider a scenario where you want to foreclose your home loan before 20 year tenure. In such case, your SBI Life Cover will be over when you foreclose. Whereas, the term insurance policy will continue providing you cover. If you give proper nominee details on the Insurance Policy, in an unfortunate event, your nominees can claim the Insurance Amount. They can use part of this claim amount to pay outstanding loan and there will be some more sum. And the property remains with your nominee.

Hope this helps.

[fordday]

Originally Posted by ghodlur

I guess this should be like any other term plans isnt it? So what about Home Insurance then, have you taken it?

I guess this is a life insurance more specifically for the loan taker. Home insurance if I understood correctly will be different like insurance against theft, fire, natural disasters etc.

[skartik2]

I submitted my home documents and builder's documents in a file to SBI and they lost documents from the goddamn file.

How do you lose documents from a bound file!

This bank takes the "chalta hai" attitude to a whole new level.

[fordday]

Updates from my loan.
I submitted my SBI loan application along with legal and valuation report and all other documents as asked. They promised me within 3 weeks it will be ready. They then asked for another document (Builder bank NOC) which the builder took two weeks to deliver. Finally in five weeks my loan was sanctioned and within a week got my flat registered.

On the day of my documentation in RACPC, it took 4-5 hours including getting the ECS mandate form stamped from another bank (where my salary account is). 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.

My loan accounts were linked to my normal SBI savings account on the same day of documentation and I could see it online. As of now I can deposit money into the loan account but do not have withdrawal rights.

Lastly a question for members -
What is the cost of making iron grills for balcony? One guy quoted me Rs 140 per sqft (10mm thickness rods with normal square design) including installation.

Fordday

[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.)?

[huntrz]

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.)?

Approaching through a Branch Manager can make your life easier. The loan is finally disbursed through an account in a branch only and the branch gets credit for the business it brings.
In my case the branch manager took care of preparing my file and getting the loan approved and even booking an appointment at RACPC.

[lsp]

My experience with SBI for Home Loan was not so good. This dates back to 2008 when I was looking for a home loan. I approached the Home Loan Officer (HLO) in SBI, CP branch in Delhi.

HLO: What is your name and profession?

I told him.

HLO: Do you have salary account with SBI?

I said no, I have it with XYZ bank.

HLO (says loudly, for his colleagues to hear): Log salary account XYZ bank mein khulwate hain aur loan mangney SBI aa jate hain. (People open salary account in XYZ bank and then come to SBI asking for Loan)

I made up my mind there and then not to go with SBI. HLO then very reluctantly started telling me about the loan related formalities.

Took home loan from BoB instead.

[ghodlur]

The buyer of my flat has applied for an SBI loan. All property related documents were submitted on 30th April and it seems the loan was approved by the sactioning officer yesterday. Now the buyer has to take an appointment for the final disbursement and I had requested him to opt for RTGS transaction instead of cheque since I do have an SBI account. Lets hope things go smoothly tomorrow.

It takes min 2 days for the file from the first floor of RASMECC, Thane to reach the ground floor even after all formalities are completed, so you can imagine the sarkari working style. Have decided to go ahead with HDFC for my home loan.