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[Resolved]  State Bank of India — Max gain home loan

To
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, 2020
Complaint marked as Resolved 
Complaint comments  8 CommentsShareTweet

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Hi,
has it been solved? Im also facing the exact same problem like yours. My Homeloan supposed to be Max gain where as they have opened the account as term loan. I have been running around bank for last 8 months, but nothing happened.

The bank manager is suggest to take this as fresh application, but Im afraid the new interest is high and they might even charge foreclosure charges.

Need your help on how you solved this problem. What are my options.
Please do reply back to me on "[protected]@yahoo.com"


Thanks
Krishna
Hi,

I recently (Jan-2012) got my SBI Max Gain Housing Loan sanctioned and got the total disbersement except the Registration Amount.
My Max Gain A/c is active, and I can deposit into it. In fact I deposited too to get the benefit, but I can not withdraw a single rupee from my Max Gain A/c till the time my flat get registered and I get the possession. The bank told that they will activate withdrawal access to my Max Gain A/c only after my flat’s possession and registry of the flat (they say that this is the rule).

But is that true, that the surplus amounts deposited to Max Gain A/c before registration of the house is as good as pre-payment and we can not withdraw that amount when needed? Not even after registry and possession of the flat? SBI says that we can withdraw the amount deposited to the Max Gain A/c only after registration/possession of the flat. And we can do the transaction only on the amount deposited after registrastration/possession. The amount deposited in the Max Gain A/c before the registration/possession is a one way transaction and that can not be withdrawn even after possession/registration of the flat.

They also says that I will be able to get the ATM/Cheque Book for Max Gain A/c only after registration/possession of the flat, not before that.

Please note that Loan of Rs. 30L was sanctioned for me @10.5% in Jan-2012; They have already disbursed about Rs. 27L and remaining Rs. 3L will be released during registration of the flat (As registration fee)... Please note that registration fee got sanction in my case as I applied before the RBI rule came that says the Flat/Land Registration or Legal charges etc should not be part of Housing Loan... Now even SBI is not adding Registration/VAT/ST etc. as part of your housing loan.

--
Thanks and Regards,

Ranjeet
@Ranjeet,

Even i had same problem, i got max gain home loan sanctioned for 30L. i have transferred some money to that account before registration.

When i needed that money for paying builder, i had to visit the branch.

Luckily, the manager accepted to return the money, but he told that interest benefit i got for the money i put in, will be detected.

But i am happy that i got the money back. otherwise i have to apply for some personal loan.

Regards,
Magesh Kumar B.
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Hello,

Here is a simple solution to this problem, if you have Internet Banking.

Please follow these steps to resolve this problem:

1. Visit https://retail.onlinesbi.com/retail/login.htm and log in to your account.
2. Go to "e-Services".
3. On the Menu on Left hand side, Click on "Upgrade Access Level"
4. The "Upgrade Access Level" page will appear, in which your Account would be list, probably the Current Access Level as "View Only".
5. Select your account, and select "Full Transaction Rights" in the drop-down menu. Click "Submit" button.
6. You will receive an OTP(One-Time Password) on your mobile.
7. Enter the OTP in next screen, which you received on your phone.

The Full Access Right will be granted soon, and you will be able to transfer the money out of your Maxgain Account.

I hope this helps.

Regards
Arun Gupta
Hello,

Here is a simple solution to this problem, if you have Internet Banking.

Please follow these steps to resolve this problem:

1. Visit https://retail.onlinesbi.com/retail/login.htm and log in to your account.
2. Go to "e-Services".
3. On the Menu on Left hand side, Click on "Upgrade Access Level"
4. The "Upgrade Access Level" page will appear, in which your Account would be list, probably the Current Access Level as "View Only".
5. Select your account, and select "Full Transaction Rights" in the drop-down menu. Click "Submit" button.
6. You will recieve an OTP(One-Time Password) on your mobile.
7. Enter the OTP in next screen, which you recieved on your phone.

The Full Access Right will be granted soon, and you will be able to transfer the money out of your Maxgain Account.

I hope this helps.

Regards
Arun Gupta

Arun,

I think, It will be illegal if you are using without branch approval Is it?
May be face legal action. Please reply me as soon as possible.

Regards,
Rajeev
itspanjain's reply, Feb 13, 2017
This can't be illegal as there system is providing transaction rights. The way they configured system either is buggy or maxgain accounts can be given transactions rights even before possession. In either of case it can't be termed as illegal.
This can't be illegal as there system is providing transaction rights. The way they configured system either is buggy or maxgain accounts can be given transactions rights even before possession. In either of case it can't be termed as illegal.
Hi I have Maxgain OD account . I am selling my flat, the buyer of my flat is taking home Loan from Axis bank. For the 1st payment from axis bank, the axis bank is asking to freeze debit facility of Maxgain gain account. Is it possible to freeze the debit facility. Or is it that axis bank is asking for something not possible for sbi to freeze.
Pls guide me

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