Home loan Experience

POSTED BY Sethu ON August 17, 2012 2:17 pm COMMENTS (8)

This is not a question rather a information which i got from ICICI branch executive and my expereince of SBI vs ICICI

I was in need of 16L Loan and applied SBI and ICICI and i am a Software Engineer.Approached both SBI and ICICI.my first preference was SBI maxgain and i visited the branch three times but i dont see any progress.unable to afford/devote more time to SBI i approached ICICI and the loan was granted in two days(I have all my banking,Insurance,Demat relationships with ICICI and its 9 years i have a relationship with them starting from my Bank @ Campus- Students Account)

For housing loans < 30 Lakhs ICICI’s floating rate is 10.5(know sbi is charging 10.25) and the icici processing fee will be 2500 INR flat for loans < 30L – which is way less than SBI’s 4000 INR.

The processing fee part is not published on the websites and i believe this can be bargained or depends on the branch.

At ICICI The additional 0.25% will set me back by 57K over a period of 15 Years when compared to SBI which i need to bare plus i lost the maxgain advantage.

At the end of the day i still feel that i missed a wonderful product like SBI maxgain and if i ever buy a second house i m sure that i  will opt for Maxgain 🙂



8 replies on this article “Home loan Experience”

  1. Prashant Pathak says:

    It’s true that you need to somewhat struggle and have patience initially. I applied for the loan and it had taken almost 1.5 months to get the actual disbursement. Infact I had to request them twice to start my first EMI. 🙂 I visited the RACPC and branch server times and got the online access. But afterwards, things are smooth as of now after 1 year … I am planning to park all my surplus money into the Maxgain account once I get possession of the flat. Also thinking of converting to existing spread as I got it at a higher side in July 2011. The major difference between private and public sector bank is PSU Bank employees don’t have any personal interest/hidden agenda/hidden mandate from management etc. … 🙂

  2. sreejith sivaraman says:

    I have written a post about my experience with HDFC and SBI while taking a home loan. You can read it here :

  3. M M. says:

    My experience was similar with SBI. One of my colleague said to get loan from SBI. But Builder of my new flat was forcing us to give money soon. And SBI wasn’t willing to give loan for people who has less than 2 years professional experience.
    So I went to LIC and got the loan. 🙂

  4. Sethu says:


    I was not as fortunate as you were…. infact my Builder’s were hesitant when i informed them i m looking for a loan at SBI.

    1. BRSINGH says:

      Yes I understand builders spcifically small builders dont feel comfortable with with SBI as the bank ask for so many documents.

  5. BRSINGH says:

    Hi Sethu,

    I got my loan recently from SBI max gain. Yes its difficult to get a loan from SBI because they ask for so many doucmnets and bit slow. Luckily my builder has a tie up with a wealth management company. They did everything on behalf of me and i had to go to the bank only once to have a discussion with the branch manager.

    I did not have to pay anytingh to the wealth management company. They are paid some amount by the SBI.

    1. Which was that wealth management company ? Name ?

      1. BRSINGH says:

        Akshya Wealth Management. Belwo is their website.


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