Sub: SBI Home Loan- Unending story
Ref: Home loan application submitted to SBI, Masjid Moth branch
I had taken a home loan from IDBI bank for a construction linked house at RPS SAVANA, Sector 88, Faridabad. I booked the flat in March 2008 and was regularly paying my EMI to IDBI bank. About 3 months back Sh. Chaman Lal, Branch Manager of SBI, Masjid Moth, Panchsheel, New Delhi (Mobile: 9654862255) came to our institute (GB Pant Polytechnic Okhla, New Delhi, Government of NCT of Delhi). His visit was aimed at promoting the business of his SBI branch by way of Home Loans. It may be pointed that our institute has well qualified Gazetted Officers in large numbers who may be prospective clients of SBI. Through Shri Chaman Lal, I came to know that I would be better off doing a balance transfer of my loan from IDBI to SBI. He also enunciated a number of advantages in doing so. Besides, this residential project was an SBI approved project. This motivated me to change my existing home loan from IDBI bank to the India’s biggest public sector bank i.e. SBI bank of India (Balance Transfer).
Subsequently I had approached the SBI Masjid Moth, Panchsheel, New Delhi Branch Manager Sh. Chaman Lal, who welcomed me and provided me with the requisite forms for applying the home loan. I completed all the formalities as was asked from time to time. I was regularly visiting the bank and was in constant touch with the persons concerned for completing the formalities. I was in touch with Mr.Swetabh, Ms. Pratibha and Mr. Bhatia apart from the branch manager.
Finally the file was sent to the SBI (RACPC) Parliament street office. After some days I was told that the file had been returned back with some remarks. I was asked to provide a Guarantor in order to process the case. One of my colleague agreed to become a guarantor and all the necessary formalities were completed. The guarantor submitted his salary slip, bank account statement, ITR return, statement of PPF, GPF etc. and all necessary formalities as was asked. Subsequently, I was asked to come to the bank along with the co-applicant (my wife) and the guarantor. I did the same. Next day I was intimated that the guarantor must give evidence for some more assets. Accordingly the guarantors PLI policy details were submitted . The very next day I was again informed that as per the discussion with their higher officials at Parliament Street the guarantee of the current guarantor is not acceptable by SBI. I was told that my colleague cum guarantor (a Delhi Govt. Group A Gazetted officer) did not have any house/ non-movable assets in his name and hence did not fulfill the definition of a guarantor. The whole exercise had already elapsed around 2 months.
So after putting sincere efforts for around 2 months I feel harassed and frustrated. I couldn’t arrange a guarantor who had any property in Delhi. Although I had many colleagues/ friends who were willing to become a guarantor but didn’t have any immovable asset in their name and hence could not fulfill the bank’s definition of guarantor.
The following facts are submitted to understand the case more lucidly:
1) I am a GROUP A GAZETTED Officer with the Delhi Government employed since April 2000.
2) My guarantor Mr Sandeep Handa is my colleague in the same department and is also a Group ‘A’ Gazetted Officer.
3) I had availed a loan of Rs. 12.6 Lacs for the same property in 2008 from IDBI.
4) I had been regularly paying the EMI’s without any default whatsoever.
5) My credentials may be verified from CIBIL
6) It may be noted that I had availed this loan from IDBI in 2008 ie before the release of 6th Pay Commission for Engineering Faculty. My salary was increased by almost 100% when the 6th Central Pay Commission was released. Thus making it much more comfortable for me to easily repay loan by way of EMI’s.
7) About 2 months back one of my colleague has already availed a loan for a residential property in the same area being developed by the same builder. In her case TPG was asked and even processing fees of Rs. 3200/- was not charged.
In view of the above statements I elicit your response to my following dilemmas:
1. What is the definition of a guarantor as per SBI bank? Sh Handa has provided details of his savings viz GPF,PPF,PLI etc which are valued at much more that the loan amount.
2. Inspite of providing collaterals by the guarantor as mentioned abobe, why is SBI insisting on ‘immovable asset’, and that too, after an elapse of a long period. Is there no transparent system in SBI home loan section (the branch officers seemed to be in dark for all decisions/ norms)? Infact it is surprising to note that the Branch Officers are no less than ‘POSTMEN’ as all their recommendations are easily overruled and at times, DISTORTED, by the RACPC officers .This is almost akin to HUMILIATING your grass root officers which in this case are the Pancsheel Branch officers.
(Subrata Kumar Patra)
Lecturer, G.B.Pant Polytechnic,
Govt. Of Delhi,
Okhla, New Delhi-110020
PS : I may be deviating from my duty if I do not mention the special efforts made by the SBI Masjid Moth Branch employees viz Ms Pratibha, Sh Chaman Lal, Sh Swetabh, Sh Bhatia.