Home LOan from SBI

POSTED BY Rakesh Ranjan ON January 23, 2013 2:18 pm COMMENTS (8)

Dear Sir,

 

Of late I have been sanctioned HL from SBI & while collecting the arrangement letter I came to know that I have been sanctioned Term LOan.

I wanna know if TL & Maxgain different & how?

Can I cahnge TL to Maxgain anytime in future?

Regards,

Rakesh Ranjan

 

8 replies on this article “Home LOan from SBI”

  1. Shashi says:

    Thanks Ashal for your prompt response.

    Regards,
    Shashi

  2. Dear Shashi, if you are tight on payment schedule, please do not opt SBI at this stage & first go for a tie up banker. Complete the loan then & there. Once Loan is running smoothly there, switch it to SBI.

    Applying with 2 banks ‘ll be costly as well may create problems if there is a partial disbursal from other bank in between.

    Thanks

    Ashal

  3. Shashi says:

    Dear Ashal,

    I visited the SBI local branch and asked about the HL for property in other city.
    First they suggested its better if you can apply for HL in the city in which property is present. I told them as its not one day activity, I cannot travel frequently for follow-up on HL.
    They gave me list of document which is required as per city in which I will be applying for HL, but told that this list may vary as property is in other city (also other state).

    SBI person told it will take at least one month or even more as they have to depend on other cities SBI staff for legal formalities.

    My builder has tie up with private banks (HDFC, ICICI). My next payment is due in month of March 2013.

    My query is can I apply for HL in SBI and other private bank in parallel.

    Private bank will approve my loan within 15~20 days. I can take the next payment due from private bank and meet the builders demand. Mean while if SBI approves my loan, can I close the previous loan of private bank, will SBI consider it. I mean will SBI pay the private bank the amount which they have given to the builder, and if any further demand from builder than they will pay to the builder.

    I am following the thread on SBI MaxGain, and what to get the benefits of the same.

    Thanks for all your valuable suggestions.

    Regards,
    Shashi

  4. Credexpert says:

    Dear Mr.Ranjan,

    Term loan and Maxgain loan are different. SBI Maxgain loan is given as a Overdraft account which provides you the benefit of parking your surplus in the account, thereby reducing your principal loan amount and interest.

    If you had applied specifically for the Maxgain loan then, you should approach the bank and get it changed immediately.

    Regards,
    Credexpert

  5. Shashi says:

    Thanks @Ashal for your prompt reply.

  6. Dear Shashi, here I’m trying to answer your queries.

    1. Can I go ahead and apply for home loan from SBI.
    Yes, but in this case, you w’d have to do all the leg work on your own.

    2. Can I apply from the city where I am currently working (property is in another city).
    Again yes, but be ready for non co-operation from builder as well as local SBI staff.

    3. What preparation should be done before applying, for smooth processing of home loan?
    Please visit a local branch of SBI in your city of working & ask in detail for the list of property documents if project is not aproved by SBI. mail that list to builder & ask him to arange the documents as per list. if all the documents are in order, good for you. If some document s are missing,, forget that house right now. You may think this as a burden but believe me the paper work demanded by SBI is in our own good. it ensures that the property is Ok in all legal aspects.

    4. What is the turnaround time for getting the home loan approved from SBI?
    If everything is in order, you may get loan sanction in 30-45 days, as property & your working cities are different.

    5. Should I choose to get the home loan from the list of banks provided by builder?
    This ‘ll be your personal call. I can not comment.

    6. I have a saving account with SBI – will it help in any way for getting loan.
    it ‘ll indicate a relationship only & apart from this, there are many other thing sto which ‘ll decide your loan sanction.

    Please read the past discussions on SBI loans & you ‘ll get a lot of info yourself.

    Thanks

    Ashal

  7. Shashi says:

    Hi,
    I have to apply for home loan, in FebMar 2013.
    After reading the forum, would prefer to get SBI MaxGain Home Loan, but builder has provide list of banks in which SBI is not there.
    Have some queries:
    1. Can I go ahead and apply for home loan from SBI.
    2. Can I apply from the city where I am currently working (property is in another city).
    3. What preparation should be done before applying, for smooth processing of home loan?
    4. What is the turnaround time for getting the home loan approved from SBI?
    5. Should I choose to get the home loan from the list of banks provided by builder?
    6. I have a saving account with SBI – will it help in any way for getting loan.

    Any other suggestionexperience are most welcome.

  8. Dear Rakesh, Term loan is a regular home loan like any other bank’s loan. Max Gain is different thing. Please ask immediately to SBI to change your loan from TL to MG if you want to go for MG.

    To know more about MG, please read following discussions.

    http://localhost/jagoforum2/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account/2635/

    Thanks

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