Axis to SBI

POSTED BY Ela Selvaraj ON March 9, 2013 3:05 am COMMENTS (2)

Dear Sir,

I got AXIS bank home loan a week before for 61,50,000 ₹ @ 10.50%. From that they charged 

25,000 ₹ for Equity Mortage

8,000 ₹ for Tata AIG Property Insurance and I already paid the downpayment to builder.

Now, I am considering swtiching to SBI Maxgain. As of now, Valuation and Legal is done. But is there any other charges I need to pay again like ‘propery insurance’ , mortage charges, etc…

Also, swithcing from Axis to SBI Maxgain will save any money for me? Definitely, I will input around 25,000 rs along with my EMI every month but I also consider doing the same with AXIS too. what difference it will make it with SBI Maxgain? 

Please provide me with some insight

2 replies on this article “Axis to SBI”

  1. Credexpert says:
    March 13, 2013 at 11:49 am

    Dear Ela,

    Yes, you should consider shifting your loan to SBI Maxgain. The interest rate difference and the liquidity that SBI Maxgain offers would be worth the switch. Check with SBI for property insurance and mortgage charges.

    Regards,
    Credexpert

    Reply
  2. Ashal Jauhari says:
    March 9, 2013 at 8:49 am

    Dear Ela, the first benefit or should I say saving is due to interest difference. SBI is charging you 10.1% interest for same loan amount. There is more to it. the excess payment of 25000 Rs. on mly basis into Axis bank means no liquidity of that amount to you but in case of Max Gain, you can enjoy the liquidity of those 25K mly amount.

    Yes SBI ‘ll charge you for Eq. Mortgage as well as Property Insurance but you may surrender your Axis Bank’s property policy or may use it for SBI’s loan requirement.

    Thanks

    Ashal

    Reply

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