Hi Ashal,

we are planning to take housing loan on SBI maxgain.Project is land purchase and construction of villa with in 1 year.Land cost 24L and Construction cost 35L.We approach sbi,they are telling 2 separate loan is the only way.So first we are applying HL1 for Land (80% of total ) 18L this month.

Once it sanctioned again we need apply the HL2 for 23L (80% of construction as per sbi valuation).Once 2 loan sanctioned we need to do mortgage for (0.5 % of total loan amount like 18+ 23= 41 L) 20,500 stamp paper along with registeration charge 6000.

This is the scenario explained by the bank staff.
My queries :

1. will we get any benifit of apply 2 loans instead of single ?
as per mine due to twlo loans and it amount is less than 30 L.we can get less interest rate 10% current rate for total 41L.But disadvantage is 2 times processing valuation and other fees.
any other disadvantages due to this 2 loan process ?

2. is that mandatory to register that mortgage document ?

in other bank like hdfc there is no registeration for mortgage right.

3.After 20years loan completed means how we can transfer the property to our name ? how much charges we need to spend at that time ?
(people telling ,once we register the mortgage ,The EC will changed to “SBI Common property” from our name )

4.Along with Maxgain,SBI Life Rinn Raksha policy is having any benefits ? or we
can go for any other home loan policies ?