XRBIA without SBI! Why? What happened?

State Bank of India (SBI) Vanished from XRBIA.Com!

Today, if you visit "Find Finance" section on the website of XRBIA Hinjewadi Pune, you will not see State Bank of India (SBI) listed under "Housing Financiers"!

All other housing finance companies - Indiabulls, Gruh Finance, DHFL, Oriental, Yes Bank, ICICI, Bank of India, Bank of Maharashtra, LIC - are still there. But, State Bank of India (SBI) is not there on the website of XRBIA anymore!!

State Bank of India (SBI), the most respected institution in India, has vanished from XRBIA.Com!

Why? What happened? What does it mean?

ADF from State Bank of India to XRBIA (!?)

Xrbia Hinjewadi Pune

In July & August 2012, you must have seen State Bank of India (SBI) in each & every ad of 80 : 20 ADF (Advance Disbursement Scheme) of XRBIA Hinjewadi Pune. Listed as "Housing Financier".

SBI - State Bank of India - housing financier of XRBIA 80 : 20 ADF Scheme was in the ad published in Times of India Pune.

SBI - State Bank of India - housing financier of XRBIA 80 : 20 ADF Scheme was in the ad published in Sakal Pune.

Not only that on the website of XRBIA, there was an "APF" letter from SBI - State Bank of India. Announcing that "XRBIA is SBI Approved Project". Giving permission to mention SBI - State Bank of India - in the publicity material of XRBIA.

But, today, there is neither APF letter of SBI - State Bank of India - on the website of XRBIA! Nor SBI - State Bank of India - is listed as "Housing Financiers" of XRBIA!!

State Bank of India (SBI), whom you trusted while giving 20 per cent of house cost as a booking amount to XRBIA is not there anymore!

Why? What happened? What does it mean?

Congratulations Mr. Rajesh Kumar, Regional Manager of State Bank of India!!

I know that Mr. Vijay Kumbhar of Surajya Sangharsh Samiti has written one letter to State Bank of India (SBI). Requesting to confirm whether State Bank of India has approved XRBIA.

But, you know what? When I visited Mr. Rajesh Kumar, Regional Manager (RBO-VII), State Bank of India, I was not expecting that State Bank of India will be no more on XRBIA.Com! Mr. Rajesh Kumar himself gave me this news!!

Thanks & Congratulations Mr. Rajesh Kumar! Your action speaks louder than the words!! But, this is not only between State Bank of India (SBI) and XRBIA. Two more nationalized banks - Bank of Maharashtra & Bank of India are also involved.

And most important. Under the ADF scheme, more than 3,500 property buyers have already given 20 per cent of cost of house to XRBIA as a booking amount. Your public announcement will give them last opportunity to rethink about their decision.

So, please, come ahead Mr. Rajesh Kumar, Regional Manager (RBO-VII), State Bank of India. Make public announcement about XRBIA. It's your moral, legal as well as corporate responsibility. Remember that "The Nation banks on State Bank of India".

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HDFC to charge borrowers for switching bank

Switching Home Loan from HDFC to SBI:

Mortgage giant HDFC has made it expensive for home borrowers choosing to switch over to another bank. The institution has started charging borrowers up to 3% of the outstanding loan if they decide to prepay their loans by borrowing from another lender.

Direct selling agents in the home loan market believe the move is aimed at discouraging HDFC’s existing borrowers from switching over to State Bank of India (SBI), which has stirred the market with a special scheme that offers home loans at 8% for the first year.

Though the SBI loan is loaded with front-end charges like mortgage registration, the 8% interest, which is significantly lower than other offers, has sparked off a slew of enquiries among new and existing borrowers. Indeed, the special scheme has triggered a battle for market share between HDFC and SBI. Recently, HDFC chairman Deepak Parekh had described the SBI scheme as a “gimmick” in a media interview. Watch Video

Always between 0% and 3%?

HDFC officials, however, played down the development. “Our prepayment charges have always ranged between 0% and 3%, depending on how long the borrower has been with us, where the funding is coming from and what is the interest rate on the loan being prepaid,” said HDFC deputy managing director Renu Karnad. She pointed out that this was similar to the condition that banks lending to HDFC insist on. “In some cases the lenders ask for the difference between the contracted loan rate and market rate,” she said.

Hidden Charges?

Since last year, HDFC is charging around 2% if a borrower prepays the loan within three years of disbursement. HDFC has, however, kept part-prepayment up to 25% of a loan amount exempt from such charges. Although the HDFC loan document does not mention the pre-payment charges, the institution, like most other lenders, has been charging around 2% for loans that are prepaid by obtaining refinance from other lenders.

ICICI Bank:

An ICICI Bank spokesperson said the bank charges 2% for prepayment irrespective of whether it is refinanced or foreclosed by the borrower. Together with service tax, the prepayment cost goes up to 2.25%.

Discourage the customers:

HDFC officials said all attempts are made to ensure that customers stay back. If the institution comes out with a scheme offering lower rates only for new customers, all floating rate borrowers who are paying higher rates are allowed to switch to the better rates by paying a 0.5% charge.

"SBI, interest rate from 2nd year?"

However, the new rate offered by SBI is not offered to the bank’s existing borrowers. Under the special scheme, the interest rate applicable from the second year are in line with market rates. If the borrower is eligible for the special scheme formulated by the Indian Banks’ Association, the rates for that scheme will apply.
-The Economic Times

What is your take on switching home loan from HDFC to SBI?

I am sure, you know home loan jargon well.
You are not in two minds about prepaying your home loan.
Keeping in mind that though slightly lower, HDFC is expecting 20 % growth in 2009-'10, can you, please, share your views in the comments about switching home loan from HDFC to SBI.?
(Comments Policy)

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