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POSTED BY ON March 19, 2013 12:47 pm COMMENTS (4)
I had applied to SBI for home loan transfer from IDBI bank. I had completed the documentation and at the time of log in the case , the shocker comes!!!. As per my CIBIL report; though my score is 833, the settled credit card of HDFC bank in 2006 is the main impediament in getting the home loan from SBI. I had paid amount to credit card and it was settled by HDFC bank. Now in the CIBIL report it is showing as Post write off Settled. SBI officials are not ready to process my loan and as per them in primary stage itself the file will be rejected. They are sticking to the rules and do not want to see my repayment history. IDBI bank had sanctioned the loan on the basis of explanation given to them. BTW my present ROI at IDBI is 10.5% and I was willing to opt for SBI max gain with ROI 9.95%. How to proceed further??? Is there any way that I will be able to transfer my loan from IDBI to SBI apart from paying the O/S of HDFC credit card??? This CIBIL score has made the life worse for the many peoples like us. It is not that customers are always wrong sometimes banks are also equal contributer. But the catch line is that only customers will be at receiving end. As per my knowledge the minimum duration for CIBIL status will be 07 yrs which I will be compliting. But there is no guarantee that after this duration whether my status will be change or not??? Please have your views on it…
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Dear Amit, are you going to opt for car Loan just now or after few months? Your repayment capacity ‘ll decide the loan eligibility.
Thanks
Ashal
Dear Manish/Ashal,
SBI has sanctioned my loan. As stated earlier, the CIBIL report is subjective and entirely depends upon the loan sanctioning officer. They were convinced with my repayment history for last 5 yrs and sanctioned my Home loan…. : ). Now you tell me whether I am entitle for taking the other loan such as car loan from SBI. Please give your views on it…
Thanks & Best Regards,
Amit
Dear Amit, if the idea is to use the max gain feature, please do not change at all. Instead opt for the similar product within IDBI, named as Interest saver. As you are already a customer of IDBI home loan, the CIBIL report ‘ll not come into picture.
Thanks
Ashal
There is no short cut which will help you .. the only option which I can think for you is that you contact HDFC bank and check with them about the outstanding amount you owe to them , Once you pay it to them , you will get back the NOC and also a confirmation from them that they will update it with CIBIL , now this itself can take 60 days in total for everything from start to end.
Next, once the things are clean from status point of view , you can then apply for this . However note that if your DPD sections are also messed up (if you were late in your paymants missed them couple of times, then you cant change them directly, it will take 2-3 yrs ..
At the end, there is no timeline defined by CIBIL after which you remarks will be removed from the report . I have personally talked to the top guys at CIBIL and that 7 yrs tenure is the MINIMUM for which your remarks will be there if you dont do anything about it . NOT MAXIMUM . Maximum can be as high as 15-20 yrs or may be lifetime !
Manish