On this article, Gaurav shares his expertise procuring the BOB Dwelling Mortgage Benefit. Gaurav shared this in Fb Group Asan Concepts for Wealth and upon the suggestion of group admin, Ashal Jauhari has agreed to share it with freefincal readers.
In regards to the writer: I’m a 38 yr previous upper-middle class HR skilled with an 18 months previous daughter. Private finance has all the time me. Contemplating mine is a single earnings household in a career that often doesn’t pay as a lot as your IT and associated jobs – managing cash got here as second nature (Although I’ve realized I’ve an extended strategy to go). So, when it was time to make one of many greatest selections, emotionally & financially, of my life of shopping for a home on mortgage; each penny mattered. Because of this – my contribution to this text on the BoB Dwelling mortgage benefit.
Be aware: This real-life expertise of acquiring an overdraft house mortgage is revealed within the hope that it might be of use to readers. This doesn’t suggest we advocate the reviewed product or overdraft loans over a standard mortgage. Please guarantee due diligence and select as per your personal circumstances. Now over to Gaurav.
That is my method of claiming Thanks to this group for its insights and contribution & a Particular Non-Ego Therapeutic massage Thanks to Jauhari Ashal sir for that 2-min interplay at midnight that helped resolve on one thing vital.
Lately bought a home and after going by way of quite a few posts, threads, boards & financial institution visits – finalized on BOB benefit mortgage. Beneath is my view, overview and element on the method.
Even earlier than I had finalized the home, determined that I might go for max achieve or the same OD facility product for the mortgage. Restricted data at the moment coupled with Maxgain being everywhere in the group – virtually made up my thoughts to go for it till I stumbled upon BOB.
There are fairly a couple of non-public banks (Axis was probably the most most well-liked possibility by brokers whom I contacted) that present this facility too.
Overview: I keep in Bangalore and visited their SBI and BOB branches situated near the place I keep. SBI’s charges have been 6.7% for regular and 6.95% for Maxgain. BOB’s charges have been 6.5% no matter the mortgage kind until 75L. A .25% enhance within the ROI for the benefit product if the mortgage quantity exceeds 75L.
Be aware: as talked about by Sewthank Saroj, within the group, this can be a method for BOB attempting to extend market share. SBI too had the identical fee for regular and OD loans earlier after which made the OD mortgage costlier when it turned well-liked.
My mortgage quantity was near that however didn’t exceed so bought it at 6.5%. An extra .05% as threat legal responsibility if you happen to don’t take legal responsibility insurance coverage via them. Processing costs of 10k which is twice what SBI charged because it consists of property valuation & authorized test. They share the valuation report too. MODT costs have been identical @ .3%.
Course of: Visited the department and met up with the Mortgage rep (SBI) and Department Supervisor (BOB). Personally, broke the parable for me on how PSU works. Very effectively, patiently defined all the course of with correct numbers.
The truth is, visited BOB thrice for queries relating to charges, MCLR, Put up deciding on BOB, the agent/rep reached out to me. Shared all related docs over mail & WhatsApp. Inside every week – had the BM and rep go to my home for verification and signatures, inside a internet of two working weeks had my sanction letter prepared, DD copy was offered on the identical day & authentic DDs the following day on the time of registration.
Few last-minute queries have been raised which delayed the method however that was extra to do with my employment historical past than the financial institution’s incompetence. Put up-registration submitted the originals and was given an acknowledgement proactively. The financial savings account was opened and activated immediately and the app was up and operating although wants a little bit of debugging
Learnings: a) On the time of filling the mortgage utility – was informed to enter an approximate (increased) quantity and tenure so as soon as the sanction letter is given, each quantity and tenure could be modified if you need lesser. However to alter the identical – it’s once more a course of which takes no less than every week.
So, went forward with what was stuffed because the mortgage quantity and EMI have been each manageable because it was an OD product however a daily mortgage would have delayed the method much more.
B)Mortgage quantity of greater than 55L will get authorized & processed at BOB’s Hyderabad centre. In case your quantity is lower than 55L, the department can approve, course of & disburse it.
PS: In case you are going via an agent, he would try to undersell SBI probably the most to the extent one really informed me that OD is a facade 😃 – I’m guessing resulting from low fee whereas non-public banks give them extra.
PPS: You don’t want an exterior agent to have your mortgage processed. When you go to the financial institution – your contact particulars shall be shared by the department supervisor with their in-house rep who would then name you.
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Dr M. Pattabiraman(PhD) is the founder, managing editor and first writer of freefincal. He’s an affiliate professor on the Indian Institute of Know-how, Madras. He has over 9 years of expertise publishing information evaluation, analysis and monetary product growth. Join with him by way of Twitter or Linkedin or YouTube. Pattabiraman has co-authored three print books: (1) You could be wealthy too with goal-based investing (CNBC TV18) for DIY buyers. (2) Gamechanger for younger earners. (3) Chinchu Will get a Superpower! for youths. He has additionally written seven different free e-books on numerous cash administration matters. He’s a patron and co-founder of “Price-only India,” an organisation for selling unbiased, commission-free funding recommendation.
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