Time line for my SBI Loan:
April 09 - Approached bank with papers, asked to go through lawyer
May 09 - Lawyer gives the legal opinion, SBI accepts application
June 09 - SBI asks for company HR email id, SBI comes for inspection
July 09 - Tussle between SBI RACPC and branch
Aug 09 - Personaly move files in SBI
Sep 09 - Loan sanctioned
This for a perfectly ok residential property with an existing loan at IDBI. It takes a minimum of 5 months to get a loan provided you have your side of the story perfect. I do not find it funny to see a home ad where they ask the brower to go to Rameswaram with narial on his head. SBI home loan sucks big time. AVOID at any cost. 0.5% is not worth the hassle.
A friend of mine got a loan(0.5%) more than SBI, from India’s leading housing finance institution with no hassles in 7 working days.