Home Loans in India...SBI (Info Needed..URGENT)

[andhracrazystar]

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

[idibezwada]

insurance picha lite...dabbulu bokka

[tamu]

22 minutes ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

loan value entha bro

[sri_sri999]

2 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

Nenu recent ga CANARA bank lo loan tesukunna bro, i don't know interest rate but manager cheppadu naaku, building ki insurance kuda bank ee echindi mortgage complete ayye varaku adii cover avutundi ani cheppadu. (Nneu ayete insurance ki pysa kuda kattaledu)

[Kool_SRG]

2 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

Insurance is optional bro ippudu PL ki kuda insurance cheyistunnaru just for being safe from their in case of you are unable pay and become defaulter also if in case of any unforeseen circumstances your family need not be burdened with paying EMI what they do recover  principal debt from the Insurance amount and give back remaining if any to family/nominee...

ROI of 8.45% is pretty much decent..Ee madyana tagginchaaru ask them to cut it down a bit more may be 8.25% off course it depends on individual also regarding eligibility and amount.

Insurance return vachestaadi ante teesukovatam lo tappu ledu but check again if it will be payed back to you again.

[Kool_SRG]

6 minutes ago, sri_sri999 said:

Nenu recent ga CANARA bank lo loan tesukunna bro, i don't know interest rate but manager cheppadu naaku, building ki insurance kuda bank ee echindi mortgage complete ayye varaku adii cover avutundi ani cheppadu. (Nneu ayete insurance ki pysa kuda kattaledu)

They usually add it along with EMI... Insurance certificate ichi undaale andhulo chudu bhayya..

[Android_Halwa]

2 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

That’s an additional product that is being sold to you....Okasari malli kanukko a insurance underwriters writer evaru? Denikosam a insurance ani....it appears to be a some kind of insurance being sold as add on which is not mandatory....

[Hydrockers]

3 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

He is trying to cheat you

Insurance policy lu ammukoni targets reach avvataniki use chese kantri idea lu

 

 

[jalsa01]

3 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

Neeku by default oka risk insurance untadi for this loan... adi kakunda edi antagadutunanru emadhya... DON'T buy... instead job risk insurance ani untaadi ma colleague teskunnadu, job dobbi India pote loan vade clear chestadanta  adi try chey that to hardly around Rs 1500/month..     E Lakshalu ediate adugutunnaro adi neeku waste...

[Hydrockers]

Vadu compulsory ante aa insurance details and compulsory ani written format lo with stamp adugu

Vadu ivvadu iste complaint cheai

[BaabuBangaram]

4 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

1 lakh for every year is too much......and ninnu vp  ni chesthunnadu...ila cheppu first of all adhi insurance aa leka inkemina schema aa ani...bank ollu insurance ani cheppi ulip policies anta kattesthunnaru...looks like some ULIP scheme...

[tom brady]

Insurance for loan is incase of loan takers death, insurance company will payoff ilur loan. Nenu teskunnanu and it costed me 25k something for a 35L loan in canara bank..

Neeku vaadu offer chestunnaru I think same but he is trying to push you to buy a similar product but one time payment kakunda mutual fund style lo undi

[tom brady]

I would suggest people to take loan insurance. My close relative oka 45years untayi had sudden death during office meeting.. house loan 1C undi, he didnt take loan insu..if he had taken it his family would have got that house without paying a penny..

[Hydrockers]

Just now, tom brady said:

I would suggest people to take loan insurance. My close relative oka 45years untayi had sudden death during office meeting.. house loan 1C undi, he didnt take loan insu..if he had taken it his family would have got that house without paying a penny..

But ikkada loan officer adigedi insurance ani cheppi some ulip policy or term deposits antagattali ani chustunadu

[gunturodu1]

8 hours ago, andhracrazystar said:

Hello All,

I applied for home loan with SBI.

They approved and interest rate is 8.45% and It is a variable rate.

Is it a god rate for 20 Years?

Now Loan officer is asking to take Insurance for loan which is like 1 Lakh for year which needs to be paid for 5 years.

After 5 years they will pay back whole with interest added.

I never heard about Insurance for loan. Do any one of you have any idea about this?

Any inputs are appreciated.

I recently took from hdfc bank. 5 years option waste bro, manaki money vasthayi antaru kani . they have hell lot of rules to release money . manam usa lo vuntam , so parents tiragali.dani badhulu monthly option teesuko it may come around 1500 rs per month. Return emi rakapoyina antha impact vundadhu. 5 years insurance ki yearly around 1L kattali anukunta kadha