[Resolved] State Bank of India — Max gain home loan
The State Bank of India,
Dear SBI Management,
I have applied for max gain home loan from SBI in 2009, and got it sanctioned as max gain. At the time of signing all the documents at the RASCC , Thane , I specifically asked the RASCC official whether the loan is sanctioned as max gain as per my application for max gain and she confirmed it so.
Then very happily I signed all the documents as instructed by RASCC official and I got even the first disbursement. As the SBI home loan was only around 50 % of the home cost, I with hard efforts managed to raise balance fund by selling my other savings/investment instruments. As an obvious choice I put that money in the loan account by on line money transfer (by some few clicks of mouse). When I needed the money for paying the builder I could not transfer it in reverse way. I approached SBI branch and as per SBI instructions ,I applied for a check book for my loan account withdrawal.
After almost one month, as I didn’t receive the check book, I enquired with my branch and then they said it cant be given as my loan account is opened in Term loan not as max gain.
I was not even aware of the difference between max gain & term loan. I approached RASCC , Thane and showed my sanction letter for max gain home loan, and narrated the whole story. He apologized and admitted that it is RASCC mistake & asked me to give one application and assured me that correction in the loan account type will be done immediately.
Since then I followed up with RASCC, visited their Thane office 7-8 times. After all such visits at the end I was told that my account being Term loan type I can not get my money back.
I could not believe my ears. It was a shock for me as without that money it was not possible for me to pay my portion of home cost to the builder.
The then new RASCC official politely said "we are sorry, and this kind of things do happen because of rush for loan, don’t worry we'll now change it to Max gain. Give a fresh application for account change "
I can recall few things now. So many times I visited RASCC, Thane office for this and politely requested officials,. months after months nothing happened,.
I visited the RASCC more than 7-8 visits. But in every visit none of the RASCC official I approached took initiative to open my file & see my application and do corrective actions.
As I need my money to repay the builder, I do not see any solution. I took personal loans from my friends for time being. But I need money to repay them . Now also I feel I am cheated by RASCC,. Hence as a last option I am approaching this forum.
I think SBI RASCC TOP management can help me to resolve this problem and will give me opportunity to withdraw my money I put in the loan account.
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Aug 14, 2020Complaint marked as Resolved