Reg. Loan through wealth management company

POSTED BY Biswa Singh ON June 29, 2012 12:24 am COMMENTS (9)

Dear Ashal/Manish,

I have applied home loan from SBI through a wealth management company. This wealth management company has a tie up with my builder and was recommended by my builder. The builder also informed that the wealth management company will not charge any money for this service. Its correct also as the wealth management company is not charging any money from me. Infact they really helped me through the whole process. I only had to go to the branch once to meet the branch manager thats it.

But i was not convinced how come they are doing all these for free and asked the person who is dealing with me about how do they get benifit. He told me that the banks give then some percentage like 0.3% of the loan.

Now i would like to know your openion. Is there any thing that i need to be worried? Is there anything hidden that i may have to check?

9 replies on this article “Reg. Loan through wealth management company”

  1. BRSINGH says:

    Dear Ashal I have raised another query with “SBI PRE-EMI Calculation”.

    1. Dear BRSingh, already answered that.

      Thanks

      Ashal

  2. Dear BRSingh, It’s common thing. SBI do have such kind of tie ups with individuals or firms. No reason to worry. SBI ‘ll pay from it’s own pocket. Your terms & conditions are independent of this company. Actually it’s good that you are using such co’s services. It ‘ll save you a lot of efforts for your home loan.

    Thanks

    Ashal

    1. BRSINGH says:

      Thanks Ashal. You are really a well informed person.

      I can say i have not gone through a little bit pain for applying the loan. Only i collected my documents and then the guy submitted it to bank, kept me updating the status, used to come to my house to collect missing documents. Only once i visited the bank.

      Generally people like to get loan from SBI max gain. But during the loan approval process they crib and complain a lot about stringent SBI process. If people go through Wealth Management companies then they it can be hassel free.

      1. Can you name the firm ?

        1. BRSINGH says:

          Hi Manish,

          Please find below the the link. The person really helped me. Even for the documents that i need from my builders like NOC, missing receipts, etc. this prepared for me. I only collected my document and gave to this guy.

          http://akshayawealthadvisers.com/

      2. Dear BRsingh, Thanks for the praising words. Please keep us updated for your home loan thing. I do hope you are well aware about Max Gain & how to maximize it’s benefit.

        Thanks

        Ashal

        1. BRSINGH says:

          Hi Ashal,

          Yes ashal i am aware of it. I have gone through all the blgs in jago investor and the forum before going for it. I am going with the PRE-EMI option. But i got a real shock as the pre-emi that i have read in many blogs and SBI are different. I will write a detail on it and post to both Manish and you.

          1. Dear BRSingh, as the loan in question is Max Gain, it’s advisable to go for full EMI from the day one. Rest is already discussed in forum so not elaborating more.

            Thanks

            Ashal

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