SBI RACPC documents required and loan sanctioning

POSTED BY Raghav V ON April 25, 2013 9:19 am COMMENTS (11)

Hi Friends,

I am Raghav and I have bought a property in OMR, chennai.I have opted for sbi maxgain home loan scheme and recently got the loan sanctioned SMS for 22 Lakhs.

Now kindly clarify me on the below queries:

a) Can I be confident that my loan sanctioned sms from sbi shall enable me to collect my loan cheque without any hurdles or delays?

b) what are the list of documents orginals as well as any photocopies that I am supposed to carry to SBI RACPC branch for this process..will they ask me for any processing fees or any other fees from my end during this process??

c) Also kindly if feasible throw some light on max gain scheme…with an example (my understanding goes like: maxgain is an OD : say i have taken loan for 22 lakhs for 240 months – 20 year tenure in my case so at the end of the first fiscal year of my loan tenure if I deposit 1 lakh into my maxgain account then…my question is whether my EMI (involving both principal and interest components) shall be reduced to the new principal loan amount of 21 lakhs now or my loan tenure decreases or let me know how it works..clarify me if my understanding is wrong)


Thanks in advance..Have a nice day..!!!

11 replies on this article “SBI RACPC documents required and loan sanctioning”

  1. Ravi says:


    I am purchasing one resale flat in Pune. I am looking for SBI home loan with Max-gain, As per SBI requirement I did “Agreement to sale” (Valid for 60 days ) in the first week of June, 2016 and released 25% amount (my contribution). Owner provided NOC and share certificate after one month of “agreement to sale”, on same day (15 days back) I submitted all documents to SBI. Valuation done 10 days back, manager visit also done 3 days back, amount against Search report was also deducted from my account 8 days back. Now owner is forcing me for sale deed as he need to go abroad. SBI agent is not ready to give me approximate date for sale deed and telling me “owner only delayed to give NOC and share certificate”.

    So please guide me on below mentioned points.

    1) How much time SBI will take for disbursement, after bank manager visit?

    2) After bank manager visit what will be the next step by SBI?

    3) I paid “Stamp duty and registration” at the time of “Agreement to sale” menace in the month of June 2016, I came to know that Maharashtra government raise “Stamp duty” from 1st July 2016. If there is sale deed in July 2016 then I need to pay difference?

    4) Owner is leaving India in the first week of August, as our “agreement to sale” is also going to finish in same week. He ask me do sale deed in last week of July, if it not happened then he will return my 25% money when he will come back to India (He is claiming that he will come back in 10 days). If sale deed is not happened in the last week of July, Can I take any legal action against owner for not providing NOC and share certificate in time?

    Thanks in advance

  2. GurpreetSingh says:


    I am planning to buy a flat for which I am planning to take loan from SBI, I checked the list of approved projects on SBI website and also enquired in local SBI branch. The project is not listed there. The builder claims that their are few people who already got loan from SBI. He shared a number with me of a person working in SBI RACPC branch. That person claims that he sanctioned few loans for that project and since this project is approved by his branch and not by the central verification team of SBI hence it is not listed on the website.

    The question is, is it safe to rely on builder and SBI contact person and take loan from a specific SBI RACPC branch?

    FYI, builder is ready to give in writing that once apartment is ready for the possession they will get OC and CC.
    BTW, that SBI RACPC branch is far from my place so I might have to go there couple of time for getting the loan sanctioned. Do I need to go there after loan is disbursed?

    1. Its looks fine to me . Afterall if loan is sanctioned, you will get it from SBI only .. so thats the issue

  3. Dear Raghav, please go with Cash in your pocket. Collect the Mortgage deed sample from SBI RACPC & after that contact an advocate to get your Mortgage deed registered. Before the deed is to be registered, do not forget to take signature of the officer from SBI, designated for this purpose. Once your Mort deed is registered, you w’d have to copy the same for your own record & hand over this deed to SBI. You are done.
    To get the copies of your reg. deed & other papers, please contact RACPC & ask for copies of the same there. SBI is bound to provide the same to you.



  4. Raghav V says:

    Thank you Ashal.

  5. Dear Raghav, the processing fee if not paid already ‘ll be around 0.56% of your loan amount or 10K whichever is lower. Kindly confirm it with SBI branch assigned to you. The Insurance prem. amount ‘ll be around 15-16K Rs. Both these amount ‘ll be processed by cheques so you should have around 25k Rs. in your bank account.



    1. Raghav V says:

      Dear Ashal,

      I have successfully registered my new apartment.But I got only photocopy of my receipt.The sale deed and the original receipt of registration is taken by SBI official.

      a) Is it feasible that I shall visit SBI RACPC branch and take photocopy of all the documents that I have signed so far and including the sale deed now ??

      b) what is the procedure for doing mortgage now to SBI?

      c) What documents I have to carry with me and any DD or cheque payments to be made (Mortgage Charges as such) ??

      d) Give some important things that I should have on my side at this point with me for my safety..SBI has provided me only the arrangement letter right now from their side.

      Thanks in Advance.

  6. Raghav V says:

    Hi Ashal,

    My loan amount is 22,00,000.00

    As I am currently having less cash flow right now, can you kindly let me know the approximate values for the below:

    a) property insurance + processing fee –> how much cash??

    b) make sure you have amount in your bank account to sign the cheques –> how much amount in my bank account ??

    Thanks for your help…

  7. Dear Raghav, Please carry your original PAN card, address proof, some blank cheques of the account from where you intend to pay your EMI. Some lose cash say 3000 Rs. SBI ‘ll also charge you for property insurance + processing fee (if not charged already). make sure you have amount in your bank account to sign the cheques. Some photographs. Property completion certificate from the builder. Receipt of your payments made to builder, if not already deposited to SBI.

    Please feel free to ask for help.



  8. Raghav V says:

    Thanks Parag.

    My property is 100 p.c complete and is in ready to occupy state.Just now I received the sanction letter copy on sbi letter head via mail.

    But the sad part is no one is answering my calls in the sbi branch mapped to me to get idea about the list of documents to be taken into RACPC centre from my end.This prompted me to post in this forum.

    One clarification can you give me a rough idea on how much cash I have to carry for stamp paper, processing fees and other documents cost while submitting the demand and architect letter as you have mentioned above..??

  9. Parag Kumar says:

    Hi Raghav,

    1) Yes. You can be assured that you will get the loan without any hurdles incase its sanctioned. Only thing is you should collect the santion letter from the branch you applied. Also you wont get the loan cheque in your hand. It will be sent by SBI directly to builder.

    2) You need to get the demand letter & copy of architect certificate from builder.
    Demand letter contains the amount which will be paid to builder as first disbursement. Architect letter states that x% of the building is completed. The demand letter amount should be in accordance with amount of construction work completed. So if the architect’s letter states that 60% of the work is completed, then the demand letter should mention the amount corrosponding to 60% of your sanctioned loan amount. You also need to get your cheque book as you have to give 3 cheques to SBI(they take it as a safety). And you also have to carry some cash which you will pay there for the stamp paper and other documents cost. Once contact your branch and get the list of docs you need to carry. But i can remember only these.

    3) For details on how max gain works, please refer to the following link.

    I hope this may answered your queries.


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