Taking a home loan is always a tough decision as almost 50% of your income will be towards paying EMI and choosing the right bank is even tougher, simply b’cose your hard earned money should not be spent unnecessarily when you know that you could have saved if you had made the correct choice on deciding the bank for the home loam.
COMPARE AND ANALYZE It is always a good idea to compare and analyze on the various options you have before you make a final decision.
In my case I had 3 options
ICICI - I have come across lot of bad reviews about the bank, though I maintain my Salary account with ICICI, I thought the process would be simpler and easier but then I decided not to go with the bank b’cose of the negative reviews that I came across posted in various forums.
AXIS - Property was approved by AXIS and it would have been lot easier for me to go with this Bank. But I decided not to, fearing that Private Banks change their EMIs frequently. The other factor was, the Bank’s agent gave me a loan process fee and interest rates that was entirely different from the information given by direct Bank employee. When I queried the same, showing them the comparison, the Branch Home Loan Sales Manager never replied, until that point I was getting calls every day to take the loan and they even guaranteed that the loan will be sanctioned in a week.
SBI -Yes, I decided to go with SBI. Right from the beginning I always wanted to avail a Home Loan from SBI purely b’cose - advice from various sources to take a Home Loan(being a long term) from a Nationalized bank
HOME LOAN ADVANTAGE WITH SBI
a) No hidden charges
b) No charges for prepayment of loan
c) Pre-closure allowed after 50% of your loan tenure, various from case to case
d) Payment cheques handed only to borrowers after inspection of the stage wise construction ofproperty and always in the ratio 20:80 - borrower:bank
HOME LOAN DIS-ADVANTAGE WITH SBI
Process is slow, you should have more time and patience to get things done.
IMPORTANT CRITERIA
1) Property free from issues and complications
2) Construction of Building within SBI set parameters
3) Borrower’s loan eligibility(payment ratio 20:80 - borrower:bank)
4) Good credit history for borrower
5) Borrowers Up-to-date Income Tax file returns
PROCESS TIME
DAY-1
Submitted all the papers(application form, loan borrowers papers, process fee cheques, as well as property documents) to the bank thru’ SBI Home loan marketing assistant.
DAY-8
SBI legal adviser gave a phone call to check and verify the original documents as well as requested for an updated document of the property which was submitted to him within 2 days. Legal report reached SBI head office before end of day 12.
DAY-9
SBI officials visited my residence, office, project site for verification all in the same day.Ah!.that was like a CBI(SBI) raid:-)
DAY-10
SBI valuation Engineer sent his engineer to valuate the property and verified if the builder had any issues with regard to deviations in the property. Once that was completed, SBI valuation Engineer report reached the SBI Head office before end of day 12
DAY-15
All the reports on the table of the SBI loan sanctioning officer.
DAY-17
SBI loan sanctioning officer approved the loan.
DAY-22
I got a SMS from the bank stating that the loan is approved and the representative will get in touch. The very same day I got a phone call to meet SBI officials to sign the papers the next day.
There is lot of effort to be put in before you start the Loan process to get the loan sanctioned as SBI follow a process and all the documents that they ask for should be submitted.
I am happy for the effort that I have put in, preparing my documents, filling up the application form, time off from
work, meeting the builder, sorting out all property documents. You go thru’ all these tough process only for you to sit and relax all thru’ your loan tenure - Hassle now but Hassle Free later.SBI Home loan a GREAT EXPERIENCE!
I wish the ReadersTHE VERY BEST