Oct 20, 2008 06:12 PM
27938 Views
(Updated Mar 23, 2009 04:53 PM)
The year was F.Y. 2006-07 , me and my wife wanted to build our own nest. We were married for a 1 year and felt it the time to take the decision to take a housing loan. Like most of the young couples we wanted to put our money in a house which we could call home. That dream of mine was brought to life after the approval of SBI MAXGAIN HOME LOAN,
Why am I shouting about it!!.. Cause after less than 2 years I am paying interest on around only 50% of the original principle amount borrowed.
The process: the process of applying for the homeloan is pretty hassle free with SBI as they have a template of all documents to be submitted as an application document set. They verify all the documents within 2 days and revert if they have all the papers required to process the loan application. The list was almost 17 different documents to be submitted by me and my wife.
The address verification and income revenue was a hassle free activity and people in SBI Pune were very cordial at all times and informative.
The process was very clear and transparent , I was not hassled into any kind by the Senapati Bapat branch -PBB(Personal Banking Branch) officials.
Point to note was I was working in mumbai and applied for a loan in pune so there were 2-3 trips to pune for the actual signing of the contract documents and disbursal activity.
The Maxgain product of SBI is known as an offset loan whereby any excess amount available with the loan holder can be deposited in the loan account and will be excluded at the time of interest calculation every month. The interest is calculated on a daily reducing method.
The benefits are multiple:
Open account - i..e I can deposit as much excess I can over the EMI amount and also withdraw the money in case I need it, as I have been given a debit card and cheque book.
SBI has a single point of contact for the entire process- very easy to deal with a single person rather than dealing with multiple individuals
SBI has a fantastic network so I can deposit my EMI amount in any branch and do not have to worry about locating a branch with core banking facility.
The net banking website is awesome- its simple and to the point- its idiot proof and has gots lots of controls to provide comfort dealing with the loan account.
Currently I deposit my entire salary into the loan account on the 2nd day of the month and withdraw as and when I want money.
So as a Notional benefit : for around 15 days a month I saving interest accrual for the amount I deposit over and above my EMI
simple fantastic :
Its been almost 24 months and trust me I can claim that I owe them a lot less than I would have paid otherwise. I can claim due to calculated surplus amounts deposited in the overdraft account I can claim that I owe the bank only 50% of the original amount disbursed to me by the bank.
The speed of bringing down the homeloan liability has left a BIG SMILE :) on my face
