transfer of loan to sbi maxgain

POSTED BY vij ON September 1, 2013 10:45 pm COMMENTS (4)

Dear Friends

one of my relative has taken a Home loan from HDFC in August 2012.

For the property,

1) the sale agreement is around 70 Lakh. Also the market value is more than 70 Lakh

2) the Registered sale deed is for around 40 Lakh (which is as per the government rate in the area)


He got the loan for around 56 lakh (80% of property value) from the HDFC bank. The rate of floating interest has been 10.75% since then

Now he is considering to transfer the loan to SBI maxgain and transfer all his salary every month to SBI maxgain account


a) Considering the sale deed is not for 70 lakh, i heard that it may not be possible to take the loan from SBI.  Can you please confirm about it ?

b) It is already more than 1 year since he took the loan from HDFC, if he moves to SBI now, would there be any penalty charges ?

c) What other charges would be involved ? I suppose, SBI processing fee, some stamp paper related charges would be involved. Putting together all these, there may be an expenditure of around 30K in moving to SBI. Would it be worth to move to SBI maxgain ?


Thanks very much in advance for your responses


4 replies on this article “transfer of loan to sbi maxgain”

  1. Dear Kaushal, when did you receive the policy?



  2. Kuntal says:

    @ Kushal,
    As the free look-in period is over, as you will surrender in 1st year itself, there is no way that you will get even Rs 1 back. It will be better in long term for you- if you accept your losses, move on, and never mix insurance & investment in future.

  3. KUSHAL MOITRA says:

    Dear Ashal,

    I have fallen in trap of a LIC policy Jeevan Tarang which I have taken for my 18 month old daughter for a period of 20 years. This policy has been taken by me in JUL-13 and the yearly premium of Rs. 24,110 has been paid from my end.

    Now after going through your blog i dont want to continue with this policy. Is there a way I can surrender this policy with 100% refund of the 1st premium paid.

    pl. advice.


  4. Dear Vij, only SBI people can take a call to refinance or not. Personally what ever experience I have with SBI people, they ‘ll refuse such shoddy deals.

    HDFC may remove penalty at it’s discretion.

    Please contact the nearest SBI branch for exact details of charges. Apart from Processing fee, there may be valuation report charge, legal fee, mortgage charge, stamp duty for loan agreement. All this may be more than 30K.

    Please check your own numbers before jumping in.



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