Rebate on home loan

POSTED BY Sanjay Baldwa ON May 28, 2012 4:59 pm COMMENTS (4)

Info about SBI home loan , pl guide me on following : –

1) What is the effective rate of interest for home loan and processing fees for Rs 15.00 Lacs home loan for Corporate Salary account holders.

0.25 discount under special scheme til 30.09.12.

0.25 discount for Corporate salary account holders.

(Net ROI is 10.75-0.25-0.25=10.25%)

In Processing fees got 50 % discount so is it 0.125% for CSP.

(Details as per CSP benefit mention on SBI website)

2) If I would taken a home loan from SBI they provided the free accidental insurance equal to loan amount.

I am also take the SBI RINN RAKSHA policy for same loan amount.

So in case of any casualty may I got the benefit of both policy or claim for only a single one means I got 15*2=30 Lacs or only 15 Lacs .

4 replies on this article “Rebate on home loan”

  1. Sanjay Baldwa says:

    Dear Amit,

    SBI not given it to me.

    For more detail pl refer Mr. SRINIVAS TATINA answer as best one in our case.

    Sanjay Baldwa

  2. Amit says:

    Hi Sanjay,
    Did you got concession (0.25) of Corporate salary account in your home-loan?
    i have also SBI Corporate salary account, want to know.
    pls reply.

  3. SRINIVAS TATINA says:

    Dear Sanjay!
    Let me clarify that you will not get 2 concessions.
    As per SBI policy, customers will not be eligible for concession over the concession.
    In other words, you can either avail 0.25% Corporate Salary Package concession (available through out the year) or 0.25% Special Promotion Period concession (available till 30.09.12)
    Check with any SBI Branch.

    Coming to insurance cover, in case of accidental death, the entire outstanding loan amount is waived off (due to Rinn Raksha policy) and you will get equal amount as compensation (due to accidental death cover offered by SBI free of cost).
    In case of natural death, only outstanding loan amount is waived off and the property documents are handed over to the Nominee.

  4. Dear Sanjay, please confirm from SBI people for this double benefit of 0.25% + 0.25% to get a ROI of 10.25%.

    In case of processing fee, you w’d have to pay 50% of the due fee. For example if it’s 5K Rs. for your home loan, in a normal account, you w’d have to pay 2500 Rs. only.

    Instead of that Rinn Raksha policy, my take ‘ll be to go for a plain vanilla term cover from SBI life itself, SBI life Smart Shield. In case of Rinn Raksha, the cover amount ‘ll go down with each passing month where as, in this Smart Shield, the term cover ‘ll remain same for next 20-25Y (term as per your choice).

    If you are open to ideas, my take ‘ll be to go for SBI’s Max Gain home loan. Just check the below link to get an understanding of this product.

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

    Thanks

    Ashal

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