Home Loan from different city

POSTED BY Sameer Kumar ON September 9, 2013 9:30 pm COMMENTS (2)

Hi,

I am residing in Bangalore and planning to buy a property in Nagpur. 

1. I would prefer for SBI Max Gain scheme while applying for loan. I would like to know do I need to apply the loan in SBI Branch in Nagpur or at my home branch (that is Bangalore in this case).

2. And how much it would normally take in this case.

3. Please note that that property is not being shown in the pre-approved properties list in SBI website for Nagpur. Will this create any problem while applying for loan.

2 replies on this article “Home Loan from different city”

  1. vijay says:

    I know people who have done that – based in B’lore, bought property in Noida, got it financed through bank in B’lore. However, as Ashal mentioned they do take longer to process. In one case it took ~3 months. One of the challenges is for the bank to arrange for ways to monitor construction progress for subsequent loan disbursal. The rules are getting more stringent in this regard.

    A note of caution though – SUPPOSEDLY few builders have cancelled some bookings for not meeting the demand letter deadlines. I think they see more profit in re-booking at higher per-sq.ft than when it was launched 3 or more yrs. ago!

  2. Dear Sameer, Please apply for your loan in Nagpur. In case the property is not in approved project list of SBI, it may create a delay in the over all loan process. Be ready for that. As you are in Banglore & property is in Nagpur, it may take anywhere from 2-8 months.

    thanks

    Ashal

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