Formalities involved in closing the Maxgain Home Loan Account at SBI

Given below are the steps which we had followed while closing the Home Loan (Maxgain) @ SBI.
1. Book balance is the amount which you are owing to the bank, if you look at your online account.
2. Make sure, you have enough balance to pay off the loan in your savings account.(Extra interest amount needs to be anticipated while closing the loan).
3. Visit the bank on your preferred time (Even if there is a co-applicant for the loan, he/she is not mandatory at  this stage).
4. Hand over the closure request letter. (Make sure you are carrying all the homeloan related documents and a cheque book of your savings - though it's not mandatory).
5. Bank officer will calculate the remaining amount and will transfer the amount from your savings bank account.
6. Once the loan is closed, the bank will provide you with a closure letter.
7. The closure letter need to be produced at the RACPC branch, where your original documents are present.
8. Generally, we can book for an appointment over the phone at the RACPC.
9. On the date of the appointment, visit the branch (with your co-applicant,  if any). If the co-applicant cannot come for this, you need to get an authorization letter from the co-applicant.
10. Make sure, you are cancelling the further EMI deductions.
11. SBI officer will handover all the original documents of your property. All the applicants need to sign there. (Or hand over the authorization letter).
12. If the loan is more than 20 lacs, generally there will be a mortgage associated with it.
13. We need to cancel the mortgage. SBI will give a request for that.
14. Visit the registrar office with the mortgage cancellation request.
15. You may also need to get a fresh Encumbrance certificate issued for the property.
16. All the applicants are required to be present for this.
16. You may need couple of witnesses for signing this.
17. Pay the required fees and collect the required documents.

Second Quarter got completed

July 29 - we had 1 exam. July 30 - We had 2 more exams. And the final 2 exams happened on August 6. Exams were okay similar to the first quarter. Most of the exams were for 1:45 hrs to 2 hrs duration and the Corporate Information Management was for 1:10 hrs only. The timing was a bit tough for that and lot of questions were there to answer. Personally, I liked the question pattern of Economic Environment, since it was expecting to write pointed answers and some latest general knowledge topics related to economics were also asked. Business Law was also a nice question paper, though I am not sure, if my answers were right or not. Though I am not very fond of Finance related subjects, SSS Kumar sir was one of the best teachers who taught us in this quarter.
Enjoyed reading the slides of CIM, as many topics were of my areas of interest. Glad that we could do the analysis of Amazon as part of the CIM project, got to learn a lot of things in that.

Took a few days of leave before the exams and I am still surprised that, I am trying to study a lot by putting in long hours. Though I was in a locked room, Dakshith used to knock at the door and shout 'Achaaa..' once in a while.

Support from family and office is very keen in this journey and luckily it's going well for me. Quarter 2, I had some bad scores with some quizzes. Quiz scores, Attendance, Project - If you made it good with these things, then more than half of the job is done. Realized that, these are very important after getting the quarter 1 results :).

Quarter 1 Results came and it was good. Since it's a relative grading, even if you have more marks in certain subjects, you may get lesser grades when compared to another subject. Really shocked with 1 participant mark in Finance in quarter 1. Got to know that marks up to 83 got an A- and we were wondering what is the mark for A+ and later realized that the topper got 96. That's some talent and brilliant I must say.

Its fun to see the chat messages happening in whatsapp groups after the exam results and I am pretty sure, there would be some set of participants who is keeping a low profile and scoring very heavy and the rest of the group is unaware. May be after a few more quarters, we might get some more details.

For the people who are thinking of taking this course or not - A few information from my experience.
1. It's time consuming.
2. You need to sacrifice your time for a better result.
3. No Weekends
4. You will get a lot of self satisfaction (at least I am getting).
5. You will enjoy learning (at least, I am enjoying).
6. You will realize the amount of time, you were wasting earlier :)
7. More and more people are doing it from premium B schools nowadays.
8. Price is increasing every year. Sooner the better.
9. You will get to see some of the best teachers available in the country.
10. You will get to see some of the brilliant and experienced people in the country and a strong network as well.

I may plan to start writing the book, once the course is over.