manishag

I am dealing with PSU banks since last 12 years. i took my education loan from PNB and i open my 1st account in SBI. i do have accounts with HDFC and SBI. so far I have found PSUs are far better and far safe as compared to private banks. private banks will give you comfirt only when they want you to be the customer but once done they will be happy to snatch money from you. every where they have hidden charges. where as PSU might not be userfirendly in some cases but at the end of the day you will reap the benefits.
there is one rule to deal with PSU is that try to deal with the residential branch not the commercial branch. like in delhi i got my SBI account opened and activated in 1 hour
now a days PSUs have agents to do the initial Loan document processing.
one of my friend got his car loan sanctioned in 1 week that too during diwali season.

stinaikar

When I applied with SBI, they were so hellbent on demanding an occupancy certificate from the builder. When we asked the builder, he said he didn't have one. But SBI was pressuring me a lot to get that document - finally he gave us the certificate. During the same time, we had started negotiating with HDFC and ICICI in case the SBI loan didn't go through. The loan officers at the HDFC/ICICI branch said that they did not require occupancy certificate for disbursement.

My guess is that the SBI officer was fishing for a bribe making it more difficult for me but when we eventually got them the occupancy certificate, I think that just shut them up. But in the process, I think we ended up with a complete set of documents.

rs2507

Yes all PSU banks have agents these days. Another point, India is now an emerging power and anyone wanting to be in business has to be competitive and developing some culture. All our government institutes including PSU's lack this. After all they are supposed to SERVE the customer, I mean we are their clients...still they have whims and fancies of their own. They want people to chase them...it is not going to continue for long.
The same has happened in many sectors, education being one of them. Banks is the next one...either you change or perish and we should not be accepting any short comings from service sector.
Regards,

__________________
"Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition."

manugnair

Yes , in my experience too ... PSU banks though slow will give you peace of mind in long run due to following

a) Interest rate reduction when the base rate changes ... faster in PSU than private
b) non levy of arbitary charges
c) Loan sanctioned on the basis of proper documentation .... stinaiker .. its good that SBI asked for OC ... if OC is there it means that the building is legal.... you dont want to put your hard earned money and suffer later
d) max gain account.. SBI has unique feature of max gain by which you can put excess money in that account , get your interest reduced , you can withdraw when ever you want.

stinaikarFew days of delay is better than years of pain

kk83710

I too believe that SBI is way ahead of private banks and even most PSU banks. Not just for home loans but other purposes as well. The only drawback is that they are definitely slow and cause some pain for the customer in the start.
This is something where I wish SBI people should work.

manishag

for property PSU has strict check for the documents if you are a genuine buyer. like they ask for occupancy certificate. completion certificate for floor for disbursment. which ensures that builder is not playing foul. we have seen many cases where builder has cheated the customers. i can give one example of my society.
I am staying in Delhi and society was constructed almost 20 years before. Builder stopped some payment of Contractor. in 2010 contrctor won the case in court and society has to pay around 25 lakhs to contractor.
similarly one of my friend who is staying in Indiapuram his builder has not paid govt fee and now govt is after residents of the society even once they locked the society.

gharondabhai

Never ever think that banks does REAL check and make sure that you property is SAFE. No way, it is India and things works differently here. In fact PSU can be more messy than reputed banks and HDFC types of people.

Read this related sharing from fellow member Ravikanth.

Banks, Loans, Kickbacks & the Myth about Clean Property Papers

rs2507

I just fail to see the point you are making in favor of SBI. Yes we all have opinions but how come SBI ensure to take care what you have said.
In fact OC will ONLY come into relevance when the apartment is ready and you are moving. What will happen if it is a new or under construction property?? Every bank, yes every bank will first approve the project and you just can't approach them. If HDFC or ICICI has not approved any project, it will mean 2 things -
a) They will not disburse loan against them. If SBI or PNB has...they will and vice versa
b) It will in no way a negative thing for any project. This I am saying from under construction properties.
For ready to move it is a different ball game. It will be up to individual bank to verify or satisfy themselves. Do not underestimate any bank...they all will do the diligence.Surely HDFC will be like a private nursing home...while SBI will be like a sarkari one. It depends what is suffering to different people. My sensibility does not allow me to beg since I have no reason and would like to be treated well.
And for private banks taking me to ride...well well that is too much of a self doubt...

manishag

thanks bro. i am not as experienced as like you. whatever i said was from my own experience.
weather it's banking or loan instrument i found PSUs are far better then pvt banks.
like i got education loan in 1 day. and disbursement next day.
my friend got car loan from SBI in 1 week.
another fren got Home Loan for Exotica from LIC in 1 week.
yes they ask for lots of documents but we have all the documents with us except in my case during eductaion loan.
I have very bad experience from private banks specially ICICI ABN AMRO.
private banks and managers are there to earn money and heavy incentives where as PSUs Managers work for salary.
infact i in one of the SBI bank manager in noida accepted documents in the late evening.

manishag

i just gave some over view. yes i agree OC is required at the time of possession where as if you have opted for CLP floor completion certificate has to be given by the builder before disbursement of the loan.
i have never seen any pvt bank asking for that. but i have seen SBI asking for that.
for small loans like car loan etc .5% or .25% doesn't make much difference but for home loan of 30lakhs 50 lakhs even .1% makes difference.
and at the end of the day it's based on my personal experience.
and since last 12-13 years i have got best services from PSUs. and worst service from pvt banks.
same thing is true for my frens and relatives.