SBI HOME LOAN

POSTED BY Ashish Kumar Saraf ON May 5, 2013 10:18 am COMMENTS (10)

I have been sanctioned SBI home loan under “SBI SURAKSHIT HL” amounting to Rs 800000/- along with Insurance Cover of under “BR-SBT SURAKSHA” amounting to Rs 84000/-. On my recent search over the internet I was unable to find the detailed features of “SBI SURAKSHIT HL”. Please extend your help in explaining me the Scheme in detail. Please also guide me on what documents are to be collected from SBI for Loan Sanctioned (I have been give Advance Cheque Acknowledgement along with copy of HL agreement). Please also advice me If I can conver the “SBI SURAKSHIT HL” scheme to “SBI MAX GAIN” now after limited has been created and account opened (No disbursement made). Thanking you.

10 replies on this article “SBI HOME LOAN”

  1. Ramakrishna says:

    Is Surakshit home is a MCLR based fund

  2. mukesh singh choudhary says:

    hi Ashish ji
    I took SBI SURKSHIT home loan 22 lac in 2014. My account is PMSP (PARAMILITARY ACCOUNT) account. When I took loan I got facility and .25% rebate in interest rate. The market rate was 9.5% but I got it on 9.25%.
    Now before one year my interest rate increased on market price without my knowledge, which is 9.55%. For first year I not paid EMI due to some problem. My EMI which they fix is Rs. 25200/-.
    Plz tell me:-
    1. What is the current interest rate of SBI SURKSHIT HL.
    2. What is the current interest rate of SBI SURKSHIT HL for PMSP account holder.
    3. I asked to my bank employee that why not my loan interest rate is decreasing as per market rate. He told me that you may only one time change your interest rate on current market price by written application. Is it true?
    4. I am paying EMI Rs. 25200 per month and additional my saving Rs. 10000/- per month as pre-pay.
    5. last financial year I paid Approx Rs. 3,25,000/- In which they charged Approx. Rs. 2,25,000/- as interest rate and Approx Rs. 1,00,000/- as principal amount. which I feel not good.
    6. What should I do? Should I pay my saving as pre-pay continues or pay only EMI.
    7. Please also suggest me should I switch my loan to another SBI housing loan.
    I think I gave my complete detail as per requirment. One another thing I forgot that for how many years I took the home loan.

  3. raj says:

    I have been sanctioned SBI home loan under “SBI SURAKSHIT HL” amounting to Rs 22.22l- along with Insurance Cover of under “BR-SBT SURAKSHA” amounting to Rs 82000/-.on year of 2012 On my recent search over the internet I was unable to find the detailed features of “SBI SURAKSHIT HL”. Please extend your help in explaining me the Scheme in detail. Please also guide me on what documents are to be collected from SBI for Loan Sanctioned (I have been give Advance Cheque Acknowledgement along with copy of HL agreement). Please also advice me about i have been closed my loan account in 2015 and recently Rs68000deleted my saving account with ref;of BR SBT SURIAKSHA. but i have no ducument proof of this policy.now what i dofor reimburshment of my balance pl guide me. Thanking you.

  4. Srinivas says:

    Dear Ashal, i have an SBI housing loan for Rs, 11 lakh. Outstanding balance is 7.25 lakh. BR-SBT SURAKSHA Insurance account is separately shown in online portal. As per the insurance documents the premium is Rs. 30 k(approx.). The Insurance account is beiing debited for every 6 months for an approx amount of Rs. 7500/-. It is also being paid in EMIs. Now my query is i want to clear my housing loan this month. Do i need to pay balance insurance amount also.
    If so, why should i pay insurance premium for which no housing loan is existing.

    1. IN that case, you can skip it and close the insurance policy also

  5. Dear Jha, the loan term should be defined on the basis of one’s EMI paying capacity. Your understanding regarding the interest part is OK but Initially there ‘ll not be much difference in interest repayment for a 15Y or 20Y, loan, the difference ‘ll become significant only after few years.

    Thanks

    Ashal

  6. Dear Ashish, the Surakshit home loan means, a life insurance is bundled with your home loan. At any given point of time, whatever is your loan outstanding balance that ‘ll be your insurance cover. For example – after 2Y, the loan balance is 750000, the cover ‘ll also be same 750000 Rs. After 5Y, if loan balance is 600000, the cover ‘ll also be 600000 Rs.

    To convert the loan from Term to Max Gain, please contact your RACPC.

    Thanks

    Ashal

    1. Jha says:

      Dear Ashal Ji

      One of my friend is interested to take HL from SBI.
      I understand, SBI has no pre-payment penalty, no pre-closure penalty.

      1. In this case, is specifying Loan Tenure (15 yrs or 20 yrs) is important to the borrower? One can easily apply for 20 yr loan, get maximum loan amount and close the loan account as and when interested.

      2. My understanding is by applying for 20 yr loan, one is paying a lot of interest initially for a long. Hence, it is better to go for 10 yr or 15 yr loan instead of 20 yr loan. Is my understanding corretct? Pl. clarify.

      Regards, Manojit Jha

      1. Ashish Kumar Saraf says:

        Dear Manojit Jha while asking any questions, we request you to please post your valuable question as a new post and not in answers to someone else Question. this will help question ask by other member undisturbed.

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