May 23, 2011 12:48 PM
2914 Views
I and my family happen to be SBI customers since last 30+ years now and overall we have been very satisfied with the services. It is for this reason that we went to SBI for home Loan to buy our house.
I would say the processing period is slightly higher, often more than a month, but then they do a thorough back ground check of the property involved.
As my mother was a co-owner of the house, they insisted tht her signature are required to grant the loan to my brother. My mother is a housewife and all the income related proofs were of my brother. At the time of taking the loan, they had advertised free accident insurance being given with the loan. When we enquired about it, they said that as my mom is not earning she will not be insured and only my brother will be insured.
Unfortunately we lost my brother to an accident last year. Since then we have made innumerable visits to our SBI branch for this loan. We even claimed rhe insurance but got only 50% of loan amount as they said that the loan is in joint name. No one seemed to know the procedures and rules, not even the branch manager.
Now we realize that SBI had given us all false information related to this insurance, at the time of taking the loan.
My advise to anyone intersted in a home loan is- DO NOT fall prey to these free insurance policies. Go for a term insurance policy specificaly to cover your loan.
All in all, my faith in SBI is shattered now :(
