SBI Maxgain process

POSTED BY Sanmuga ON September 25, 2012 7:26 pm ONE COMMENT

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 ?

One reply on this article “SBI Maxgain process”

  1. Dear Sanmuga, please read my reply given to you in another thread.

    Thanks

    Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today