State Bank of India Home Loans - Wastage of Time, Effort and Money

If anybody wants to apply for a home loan from State Bank of India or any other nationalized bank, I will suggest you not to waste your time and money on them. Instead apply for a home loan from any private sector bank. Though you might find interest rate bit higher than the nationalized bank but you will save lot of time and effort. The above statement does not hold true, if you are a employee of any Nationalized bank because employees enjoy home loan facilities without any conditions and at very low interest rate.

The incident happened to me and it can happen to anybody, so beware and don't think that Nationalized bank do not follow malpractices. I started inquiring about home loan from State Bank of India in December 2013. I got the reference of an employee from SBI and started conversation with him. He told me to submit many documents which I did as per the requirements. It took me around 10-15 days to put together all the documents. I also paid the processing fees through cheque. My home loan was approved after 1 month of waiting time and lots of inquiries. I visited the branch twice during this period to get the status of home loan. At each visit, the attitude of employees was unsatisfactory. They keep on transferring their duties to each other.

At the time of disbursement of loan amount, I showed them all my transaction details. Suddenly, they brought up the rule of not providing home loan on premium amount. Premium amount is the seller's profit. If an home owner wanted to sell his/her home which is under construction, obviously the seller will sell the home on profit. State Bank of India officials told me that they do not give home loan on the premium amount but on the actual amount of the home on which seller has bought it from the builder. This whole statement from them does not made any sense and in the end I had to choose private bank. The whole documentation, approval and disbursement process took only 2 weeks and I got the home loan. It is not about that I have been charged processing fees but it is about my effort and time which is wasted by SBI.

After few days, I wrote an email to Chairman of SBI and CCed it to few other people including guys from RBI regarding this matter. Chairman of SBI forwarded my mail to DGM of SBI and DGM of SBI forwarded the mail to AGM of SBI. The AGM of SBI replied me with a simple statement that they do not provide home loan on the premium amount. Thank you Mr. AGM, but that thing I already know. I want to know the reason that why private banks are providing home loans on this amount but State Bank of India, do not. Below is the mail which I sent to the SBI and their reply. 

Desi Discount

Below is the sparkling price difference in daily items that people in Indian cities consume with two most costliest cities of the world.
 

Item	Tokyo	Manhattan	New Delhi
Movie Ticket	$17.53	$13.99	$5.50
Lunch	$15.00	$27.03	$13.20
Washing Machine	$1,141.30	$1,001.08	$556.46
1 Kilo of Rice	$8.61	$5.38	$2.93
Soft Drink	$1.63	$1.68	$1.13
Dozen Eggs	$5.47	$4.37	$1.96
Toothpaste	$3.51	$4.11	$1.54
Women's Jeans	$149.82	$76.06	$80.50
A Beer at the Bar	$9.90	$8.64	$8.24
1 Kilo of Bananas	$5.21	$2.06	$0.82
Milk	$2.67	$2.72	$1.08
Bread	$7.66	$6.92	$1.90
Dry Cleaning	$7.62	$7.76	$2.90
Women's Haircut	$77.07	$82.78	$22.87

The difference between the prices of these commodities/services is huge but still Indians consider these as costly.

The main reason behind this is the difference in earnings of the people of India and these cities. People in New York and Tokyo consuming these items still find them manageable/middle class but here in India these items are considered for higher income group.

Blogger's Confession

No matter how many blogs you read and go through, you will always find a post mentioning - "Oh its been long time, I missed my blog. Now I vow to write my thoughts regularly". Even I have one - http://dixitvarun.blogspot.in/2012/04/missing-my-blog.html. It is amusing.

Petrol/Gasoline Pricing in India

Here is an important piece of information that I found on web.

The below table shows how the price of petrol/gasoline is adding up and hitting consumers. A litre petrol which costs India Rs. 45.22 is actually selling at Rs. 71.41 to end consumers.

Aviation and Aerospace Industry

Aviation and Aerospace Industry is going through a very rough patch recently. First, all the accidents which are currently in News.

1. Malaysia Airlines Flight 370
2. Boeing 787 Dreamliner Emergency Landing
3. IndiGo Plane Catches Fire on Landing

Such news always scare you every time you board a flight. Well the accidents rate in aerospace industry is lowest. But still, it scares you out. The purpose of writing this post is not accidents but the prices offered by Airlines these days.They have come out of discounted prices during off-season. How many of us are really influenced by these discounted prices? First time travelers will certainly find this option pretty good. But people who travel only when need arises are not going to look at this as a big opportunity. Rather they will prefer paying regular prices and spend money only when they really want to go and not when they find cheaper tickets.

In India, population who haven't traveled through airlines is large and hence, such schemes surely give them the purchasing power and business to the airlines. I am wondering whether such schemes are also offered in Western countries?

RBI to break Savings of Millions of People in India

First of all, I want to talk about the RBI's decision to phase out currency notes which are issued before 2005. Though this is a very good decision as per them it will counter black money and help weed out fake money circulating in system.

http://economictimes.indiatimes.com/news/economy/policy/currency-notes-issued-before-2005-to-be-withdrawn-post-march-31-rbi/articleshow/29210580.cms

Now, I want to present a picture of the traditional saving instrument which is used by Millions of people in India domestically. This is called as "Gullak" (Indian Piggy Bank).

 

Now this Gullak will required to be broken. I have one of this, in which there are only currency notes and now I have to break it. Why such decisions by these Institutions always have the bearing/inconvenience on people who are saving their money legally.

counter black money and help weed out fake currency circulating through the system

Read more at:
http://economictimes.indiatimes.com/articleshow/29210580.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

counter black money and help weed out fake currency circulating through the system

Read more at:
http://economictimes.indiatimes.com/articleshow/29210580.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

An Open Letter to Arvind Kejriwal

To

Mr. Arvind Kejriwal                                                                                    Date: 20th January 2014

Chief Minister of Delhi

God knows where you live (Do you live in Delhi?)

Subject: Common man is suffering with your way of governance and your so called Aam Aadmi Party.

Dear Mr. Chief Minister

I am born and brought up in India's capital, New Delhi. Its been 23 days now, of your governance here but I am afraid to say that its in no way a governance. Its a situation of chaos, callousness and confusion among people of Delhi. You have become a subject of mockery and jokes. I hope you read few of your jokes on internet and feel ashamed for what you are doing. I am not a supporter of Congress but the way you are ruling the state, its worse than the Congress government. Today, I feel a need of writing this letter as I have seen my Mother suffered because of you. Your so called Dharna has affected her commute and she had a horrendous time traveling to home. Due to your Dharna, she has spent two and a half hours of traveling on Delhi roads. This is not just happened to my mother. There are many other Mothers, Fathers, Sisters, Sons, Daughters who have suffered because of you. The irony of this Dharna is that you are doing it for Woman's safety.

I find your actions similar to Rakhi Sawant. You are one of that publicity whore who always wants to be in the news. I don't think this is what you have been taught in IIT, Kharagpur. Do you think you are doing justice to your education? And if this is what IIT, Kharagpur teaches then I have lost respect for the Institution. I am sorry to say Sir, your priority is not Delhi. It has been changed beyond Delhi now. I know where it is going, Loksabha Elections, right? 

Earlier, I was of the opinion that giving a chance to youth is better than giving it to people having some experience. But now I have changed my opinion. I can say this openly that majority of people who have chosen you are the first time voters who doesn't know the ABCD of politics, just like you. I am not blaming them, I appreciate your way of influencing them. But it would have been better if you have influenced people who knows something about politics.

I have few questions to ask you. Why you do not stay on the things which you say?

1. You said you will neither take support of Congress nor give them. What happen? Gajini?

2. You said you will not fight Lok Sabha Elections but now you say that you will, if your party wants. Are you out of your mind?

3. You said Police should work independently. Now you want to control Delhi Police. Just want to abuse you on this.

4. Why are you not taking any action on Congress Government's scams, just because you have been supported by them. Giving only assurances, does not make any sense.

After you formed government, 3 people wearing your Party's topi came to our area and listened to the problems faced by public. But that was the day, after which no one has come to deliver what have been asked. I know you will now say that atleast they have come to listen. What's the point of listening when you cannot fulfill any of the demands. I must tell you the demands were not something which cannot be fulfilled. Its a will and commitment that need to be there while choosing political career.

Being a Chief Minister, you cannot do what you want. You have to sit on Dharna in your own State to get your unrealistic demands fulfilled. Though you got the seat of Chief Minister but you haven't progressed in this career. You are still at the same place i.e. Dharna which you were doing before elections.

"With great power comes great responsibility". You have behaved in such a irresponsible behavior. I am disappointed, lost all hopes and ashamed of you and Delhi. Keep sitting on Dharna, keep running government from there.

Unfaithfully Yours'
Real Aam Aadmi

Nation First or Family First

This is again going to be one of the most controversial/debatable post of mine. Previous one (North Indians Vs South Indians) has been severely criticized by few of the people from online community. Though no hard feelings for them as you cannot hide facts and truth is always bitter. There are chances that people will going to abuse me in the comment section in this post as well but I am ready. I am not taking any side. I am just giving views on both the fronts i.e. Family or Country. This thought is provoked by the incidence of Mr. Arvind Kejriwal, Chief Minister of Delhi who swear on his children that he will not give or take support from any other party. But in the end, he took support of Congress and formed the government in Delhi.

Nothing against Mr. Arvind Kejriwal, but when he swear on his children, it was proved that the most important thing in his life are his children. But he still took support of Congress. So what does this prove? Country is more important to him? May be.

It is expected from a soldier that for him Country comes first. Moreover, its his duty and he is paid for that. Will the same soldier if not paid, will have the same kind of commitment. Doubting a soldier's commitment in itself is very bad and talking about them is easy. We should ask this question to ourselves. I cannot say about me whether I will choose Country over my Family. But yes to some extent, I will. It depends on the situation.

Indians had been on war with Pakistan and China. Our soldiers showed courage and bravery in all the wars. If these soldiers would have chosen Family over War, then there would be no one to fight from India and we would have faced defeat without a fight. Same things applies to soldiers of Pakistan and China. Now, if Pakistanis and Chinese men had taken their families first things would have been great. There had been no war. But since they didn't, I'm glad Indians responded in kind.

My perspective on this is that by being deployed on border, a soldier is not choosing between Family and our country but rather because of his loyalty to Family and wanting to ensure that our family and other families of our country can live in safety, he serves willingly.  Yes, this is a personal decision for each person but it does not have to be a choice between the two if the values of both are the same.