Last month I have applied for HL from SBI and because they have their month closing they sanctioned my HL within a day. But its more than 2 weeks and I haven’t received Sanction letter only got a sms that “Your HL is sanctioned and someone will contact you from branch”.
Also they forced me to open SBI life RinRaksha policy along with HL and added that account to Loam amount without intimating me. lso when I logged in I am able to see two new account created:
1. SBI HL MAXGAIN OD with limit equal to 25 lacs (loan amt I applied for) and
2. MAXGAIN SURAKSHA with limit 40,030 (SBI Life onetime premium though I opted for monthly installments)
Also I had only contact of Sales person and on asking any contact for departments who is handling my case he is providing no details. My question is is anyone aware of above two account type? What is harm in including SBI Life premium into Home loan amount. One more question that sanction letter should have all details like
a. loam amount sanctioned
b. rate of interest offered.
c. any other payment/charges etc.
But as I know SBI only mention sanctioned loan amount in sanction letter without any details. Also AFAIK they cannot open HL accounts without sending me the sanction letter.
Thanks,
Praveen