SBI MaxGain – Why Should_

5/21/2018 SBI MaxGain Why Should_

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SBI MaxGain Why should you choose this

home saver loan?by ONNQML A ADGA onIAMTAQX 3, 2014 inAQSCKER with138 comments

L nrs gnl d kn` m anqqnv dqr e bd sgd c hkdl l ` nev gdsgdq sn t r d sgdhq

l nmsgkx r ` uhmf r sn oqdo` x sgdhq kn` m nq r ds hs r hcd enq dl dqf dmbhdr . m

l nr s b` r dr , sgd dwsq l nmdx it r s rhsr hm sgdhq r ` uhmf r ` bbnt msr d` qmhmf

adknv o` q (` mc s w akd) hmsdqdr s. A gnl d r ` udq kn` m kdsr xnt g` ud sgd

b`j d ` mc d` s hs snn. Xnt v hkkad ` akd sn o` qj sghr ` l nt ms hm sgd gnl d kn` m

` bbnt ms enq mx mt l adq nec ` xr ` mc ot kkhs nt s mxshl d enq xnt q t qf dms

mddcr nq qdf t k q dwodmr dr v gdm sgdx adbnl d ct d (d.f ., o` xhmf j hc r

r bgnnkeddr dudqx pt ` qsdq). Sgd l nmdx sgt r j dos hm sgd gnl d kn` m

` bbnt ms qdct bdr sgd sns khmsdqdr s nt sf n nm xnt q gnl d kn` m mc gdkor

xnt bknr d xnt q kn` m e r sdq.

L ` wG` hm hr ` onot k q gnl d r ` udq kn` m oqnct bs eqnl RB. Rhl hk q gnl d r ` udq kn` mr ,

` kadhs v hsg c heedqdms hmsdqdrs q` sdr , ` qd ` kr n ` u` hk akd eqnl nsgdq a` mj r hmbkt c hmf

Chsha` mj (Hnl d Cqdchs), Rs mc ` qc Cg` qsdqdc B` mj (Hnl dR udq), HRBC (Rl ` qs Hnl d)

` mc DBB` mj (Hnl d Kn` m msdqdrs R udq).

V d v hkkenbt r dwbkt r hudkx nmRBL ` wG` hm hm sghr ` qshbkd. Nsgdq gn l d r ` udq kn` mr khr sdc

` anud ` qd pt hsd r hl hk q mc l ` x c heedq hm l hmnq cds hkr . Bdenqd v d c dkud cddo dq hmsn

RBL ` wG` hm, kdsr t mc dqr s mc v g` s hr ` m nudqc q es (ND) ` bbnt ms.

What is overdraft (OD)?

Amnudqc q` es e bhkhsxhr ` bqdc hs khmd oqnuhc dc sn hmchuhc t ` kr ` f ` hmr s sgdhq r r dsr. Xnt

b` m sghmj nehs r adhmf r hl hk q sn ` bqdc hs b` qc v hsg ` khl hs at s v hsgnt s sgd hmsdqdr s-

eqdd (f q bd) odqhnc. h.d., sgd hmsdqdr s bknbj r s qsr shbj hmf ` r r nnm r sgd ` l nt ms hr

v hsgc q v m hmr sd` c nev ` hshmf t mshksgd o` xl dms c t d c` sd. Sgd hmsdqdr s q sd nm

nudqc q es bbnt ms hr sxohb` kkx knv dq sg` mbqdchs b` qc . Xnt b` m v hsgc q v l nmdx t osn

sgd r ` mbshnmdc khl hs mc v hkkg ` ud sn qdo` x sgd nt sr s mc hmf a` k mbd ` knmf v hsg

hmsdqdr s nmkx enq sgd c t q shnm sg` s xnt t shkhyd sgd l nmdx eqnl sgd ` bbnt ms.

How is SBI MaxGain different from regular home loans?

RB L ` wG` hmhr ` gnl d kn` m sg` s hr r ` mbshnmdc ` r ` m ND v hsg ` khl hs sg` s hr dpt ` ksn

sgd ooqnudc kn` m l nt ms. Xnt q gnl d bsr ` r sgd t mcdqkxhmf r dbt qhsx enq sgd ND

` bbnt ms. Sghr oqnct bs g` r sgd r ` l d hmsdqdrs q sd ` r sgd nsgdq gnl d kn` mr eqnl RB

t osn Qr . 1 bqnqd ( r nesghr v qhshmf ). A oqdl ht l ne0.25% hr ` ookhdc enq gnl d kn` mr

` anud Qr. 1 bqnqd. Sgdqd hr mn dwsq bg` qf d enq t r d neND e bhkhsx. Sgd bt qqdms `bbnt ms

(ND) bnl dr v hsg bgdp t d annj ` mc mds a` mj hmf e bhkhsx.

Hnl d r ` udq kn` mr ` qd r t hsdc enq sgnr d hmchuhc t ` kr :

v gnr d d` qmhmf r ` qdms bnmr s ms r dke-dl oknxdc nq at rhmdrr l dm.As qdbdms qd` k

dr s sd dwon, RBsnkc l d sg` s L ` wG` hmhr ms u` hk akd enq sgd r dke-dl oknxdc ` mc

at rhmdrrl dm.

v gn g` ud odqhnchb (pt ` qsdqkx, rdl h-` mmt ` knq mmt ` k) anmt r nq u`qh akd o` x

bnl onmdms sg` s b` ma d o` qj dc hmsgd ND ` bbnt ms.

EMI CalculatorC` kbt k sd EL enq Hnl d Kn` m /

Hnt r hmf Kn` m, C q Kn` m & Odqr nm k

Kn` m hm mch

To search type and hit enter

Qdbdms Aqshbkdr

EL s OnR sgqnt f g bqdchs b` qc r

f ` hmhmf l nl dmst l

Aunhc sgdr d bnl l nm bqdchs b` qc

l hr s j dr

Oqd-EL ur Ft kkEL Tmcdqrs mchmf

o` xl dms rbgdl dr enq t mcdq-

bnmrsqt bshnmoqnodqshdr

RBL ` wG` hm V gx rgnt kc xnt bgnnrd

sghr gnl d r` udq kn` m?

V gx chc QBa` m 0% EL r bgdl dr?

B`mj r l t rs khmj chr at qr ` knegnt rhmf

kn` mr sn bnmr sqt bshnm r s f dr : QB

EL CAKCT KASNQ CAKCT KASNQRAMD MDCASNQR EL CAKCT KASNQ V DGES AQSCKER MEV R BSER FAPR CNMSACS T R


2/13

v gn g` ud r` uhmf r ` esdq o` xhmf EL mc nsgdq l nmsgkx dwodmr dr .

MQr ` mc oqnedr r hnm kr v hsg g hf gdq hmbnl d.

How does monthly payment work?

A sxohb` kL ` wG` hm` bbnt ms r s sdl dms knnj r khj d sghr :

Ddr bqhoshnm RB H K L AWGA M ATG11M` l d L q. F QRSMAL E KARSMAL E

Bnnj B` k mbd -14,62,750.00

Au` hk akd B` k mbd 1,00,366.00

Khl hs 15,63,116.00

T mbkd` qdc a` k mbd 0.00

Dq v hmf Onv dq 15,63,116.00

Ct qqdmbx MQ

Q sd ne msdqdrs (% o.` .) 10.3%

KhdmAl nt ms 0.00

Hdqd ` qd ` edv onhmsr sn gdko t mcdqr s mc sgd gnv l nmsgkx o` xl dms v nqj r :

1. To nmehm kc hr at qr ` k, xnt q Khl hs mc Dq v hmf Onv dq v hkkdp t ` ksgd r ` mbshnmdc

kn` m l nt ms. Sgdrd ` l nt msr v hkkqdct bd v hsg d` bg EL o` xl dms.

2. Dq v hmf Onv dq = Nt sr s mchmf oqhmbho` kkn` m l nt ms.

3. Au` hk akd B` k mbd = Amx rt qokt r ` l nt ms o` qj dc hm sghr ` bbnt ms + bbqt dc

hmsdqdrs r ` uhmf r . L nqd nm sghr adknv (Onhms 5 sgqt 8).

4. Bnnj B` k mbd = Dq v hmf Onv dq Au` hk akd B` k mbd. Sghr hr r gnv m` r ` mdf ` shud

(l hmt r ) l nt ms.

5. Xnt q l nmsgkx EL v hkkmns u` qx cdr ohsd rt qokt r ` l nt ms hm sgd ND ` bbnt ms.

6. Oqhmbho` ko nqshnm nesgd EL hr ` ookhdc nm sgd c ` sd neEL o` xl dms mc f ndr sn

qdc t bd sgd Dq` v hmf Onv dq mc sgd Khl hs. Sgd oqhmbho` ko nqshnmnesgd EL hr

b`kbt k sdc ` r odq sgd nqhf hm k` l nqshy` shnm r bgdc t kd. Rt qokt r ` l nt ms cdonrhsdc

hm sgd ND ` bbnt ms mc ` bbqt dc hmsdqdr s r ` uhmf r cn mns `ksdq sgd oqhmbho` konqshnm

nesgd EL .

7. msdqdr s onqshnmhr b` kbt k sdc ` f ` hmr s sgd Bnnj B` k mbd nm` c ` hkx a` r hr ` mc hr

cdahsdc ` s sgd dmc nesgd l nmsg.

8. Akkr t qokt r l nmdx o` qj dc hmsgd gnl d kn` m bbnt ms f ndr snv ` qc r Au hk akd

B` k mbd. Eudmhesgd r t qokt r ` l nt ms hr j dos nmkx enq edv c ` xr c t qhmf sgd l nmsg,

hs gdkor qdc t bd sgd hmsdqdrs bnl onmdms nesgd EL enq sg` s l nmsg. Rhmbd sgd

hmsdqdr s hr b` kbt k sdc nm sgd Bnnj B` k mbd hmr sd` c nent sr s mchmf oqhmbho` k, ` mxdwbdr r ` l nt ms (h.d., EL Oqhmbho` k msdqdr s) hr ` c cdc sn sgd Au` hk akd B` k mbd.

Hdqdr ` bnl o` qhr nm ne` l nqshy` shnmr bgdct kd (ehqr s 24 l nmsgr nmkx) neqdf t k q gnl d

kn` m mc RBL ` wG` hm:


3/13

Amortization schedule (first 24 months only) of regular home loan vs SBI MaxGain

(Click to enlarge)

V d v hkk` r rt l d sg` s ansg gnl d kn` mr g` ud sgd r ` l d oqhmbho` k` l nt ms, hmsdqdrs q sd

` mc sdmt qd. Ar xnt b` mr dd eqnl sgd r bgdc t kd, sgd a nqqnv dq cndr sgd enkknv hmf

cdonr hsr hmsn (` mc v hsgc q v ` kr eqnl ) ghr RBL ` wG` hm bbnt ms c t qhmf sgd ehqr s 24

l nmsgr:

1. Ddonrhsr ` r t qokt r ` l nt ms ne2,00,000 s sgd adf hmmhmf nel nmsg-6

2. V hsgc q v r 1,00,000 hm l nmsg-12 enq ghr j hcr r bgnnkeddr

3. V hsgc q v r 1,00,000 hm l nmsg-17 enq e l hkx u b` shnm

4. Gdsr ` r ` k qx ghj d ` mc r s qsr c donr hshmf 20,000 d` bg l nmsg eqnl l nmsg-18

5. V hsgc q v r 1,20,000 hm l nmsg-24 sn o` x ghr j hcr r bgnnkeddr

Aksgnt f g sgd anqqnv dq g` r v hsgc q v m kksgd r t qokt r l nmdx sg` s gd cdonr hsdc ` s sgd

dmc nel nmsg-24, g d r shkkg ` r hmsdqdr s r` uhmf r (Au hk akd B` k mbd) ne19,529.72. Xnt

b`mmns bghdud r t bg qdrt ksr t r hmf sgd qdf t k q gnl d kn` m.

RBL ` wG` hm Ewbdk D` hkx msdqdr s C` kbt k shnm

Qdf t k q Hnl d Kn` m RBL ` wG` hmHnl d Kn` m

1 EL hmbkt cdr sv n bnl onmdmsr :

Oqhmbho` k` mc msdqdr s. Sgd oqhmbho` k

bnl onmdms hmbqd` r dr ` mc sgd

hmsdqdr s bnl onmdms cdbqd` r dr v hsg

d`bg r t bbdrr hud o` xl dms. EL

qdl ` hmr bnmr s ms sgqnt f gnt s sgd

kn` m sdmt qd.

R l d ` r qdf t k q gnl d kn` m.

2 Oqhmbho` k` mc msdqdr s bnl onmdmsr

` qd b` kbt k sdc ` r odq sgd nqhf hm k

` l nqshy` shnms akd.

Oqhmbho` kbnl onmdms hr b` kbt k sdc ` r

odq sgd nqhf hm k` l nqshy` shnms` akd. Sgd

Dq v hmf Onv dq hr qdct bdc ax sgd

oqhmbho` k` l nt ms nesgd EL d` bg

l nmsg.

msdqdrs bnl onmdms, gnv dudq, u` qhdr

cdodmchmf nmBnnj B` k mbd.

3 msdqdrs hr b` kbt k sdc nm sgd

nt sr s mchmf oqhmbho` kkn` m l nt ms

(` r hmsgd nqhf hm k` l nqshy` shnm

s akd).

msdqdr s hr b` kbt k sdc nm sgd Bnnj

B` k mbd nm` c ` hkx a` r hr ` mc hr c dahsdc

` s sgd dmc nesgd l nmsg.

Ewbdrr ` l nt ms eqnl sgd l nmsgkx


4/13

o` xl dms (h.d., EL Oqhmbho` k msdqdr s),

he` mx, hr ` ookhdc snv ` qc r sgd Au hk akd

B` k mbd.

4 Oqhmbho` k` mc msdqdr s bnl onmdmsr

` qd ` ookhdc nmsgd EL o` xl dms c` sd

hsrdke.

Oqhmbho` khr ` oo khdc nmsgd EL o` xl dms

c ` sd hsr dkev gdqd` r msdqdrs hr cdahsdc ` s

sgd dmc nesgd l nmsg. Tmshksgdm, sgd

dmshqd hmsdqdrs onqshnmhr r gnv m r o` qs

nesgd Au` hk akd B` k mbd.

5 C` mmns ad t rdc khj d RB nq bt qqdms

` bbnt ms enq nt sf nhmf sq mr ` bshnmr

` mc ahkko` xl dmsr .

Xnt b` m t r d sgd gnl d kn` m bbnt ms sn

cn et mc r sq mr edq (MEFS, QSGR dsb.) ` mc

ahkko` xl dmsr t rhmf bgdpt d annj ` mc

mds a` mj hmf e bhkhsx. Au` hk akd B` k mbd hr

sgd khl hs enq rt bg sq mr ` bshnmr .

6 Hnl d kn` m hr bknrdc v gdm sgd

nt sr s mchmf oqhmbho` k` l nt ms hr

ydqn.

Xnt b` m ooqn` bg sgd a` mj sn bknrd

xnt q gnl d kn` m v gdm sgd Bnnj B` k mbd

qd` bgdr ydqn.

Pre-payment vs Parking Surplus Funds

Oqd-O xl dms (hm qdf t k q gnl d kn` m

nq L ` wG` hm)

O qj hmf Rt qokt r Ft mcr hm RB L ` wG` hm

1 Qdct bdr nt srs mchmf Oqhmbho` k

B` k mbd.

mbqd` r dr xnt q Au` hk akd B` k mbd ` mc

qdct bdr xnt q Bnnj B` k mbd.

2 Xnt q l nqshr ` shnmr bg dc t kd

bg` mf dr. Xnt b` m nos sn qdct bd

dhsgdq xnt q kn` m sdmt qd nq kn` m EL .

1) exnt nosdc enq kdr r dq kn` m sdmt qd,

sgdm l nqd nexnt q et st qd EL f ndr

snv ` qc r Oqhmbho` k.

2) exnt nosdc enq kdr r dq EL , xnt q

et st qd EL (` mc bnmr dpt dmskx xnt q

oqhmbho` k` mc hmsdqdr s onqshnmr ) v hkk

qdct bd.

Xnt q l nqshr ` shnm r bgdc t kd qdl ` hmr

t mbg` mf dc. Hnv dudq, l nqd nexnt q

hmsdqdrs onqshnm f ndr snv ` qc r Au` hk akd

B` k mbd.

3 Sgd l nmdx hr f nmd enqdudq. Xnt

b` mmns t mcn sghr ` bshnm.

Xnt b` m v hsgcq v sgd rt qokt r ` l nt ms

` s mx shl d. Xnt q l nqshr ` shnm

rbgdct kd qdl ` hmr t mbg` mf dc. Mnv ,

kdr r nexnt q hmsdqdr s onqshnmf ndr

snv ` qc r Au hk akd B` k mbd.

4 S` wcdc t bshakd t mc dq Rdbshnm80C. msdqdrs r` uhmf r ` qd mns s wcdc t bshakd.

Advantanges of SBI MaxGain

Khpt hc hsx


5/13

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25 MNU 2011 SBI AND ICICI BANK END PRE-PAYMENT PENALTY ON HOMELOANS

16 REO 2012 UNDERSTANDINGTAX BENEFITSON HOMELOAN

15 L AQ 2013 BUDGET 2013: TAX EXEMPTION ON HOMELOAN INTEREST AMOUNT RAISED

16 REO 2011 RBI HIKESINTEREST RATESFOR12TH TIMEIN 18 MONTHS; LOAN EMISTOGOUP

exnt l ` j d o` qsh koqdo` xl dms nmxnt q gnl d kn` m, sg` s l nmdx f ndr sn qdct bd sgd

nt sr s mc hmf oqhmbho` k` mc hr mns u` hk akd sn xnt ` mxl nqd. Hnv dudq, ` mx r t qokt r

et mc r o` qj dc hm L ` wG` hmgnl d kn` m bbnt ms b` m ad v hsgc q v m` mxshl d.

Hnv dudq, r t qokt r et mc c donr hsdc a denqd et kkc hr at qr ` knq enq t mc dq bnmr sqt bshnm

oqnodqsx b` mmns ad v hsgc q v m t mshkbnl okdsd c hr at qr ` k. Xnt q hmsdqdr s nt sf n v hkk

qdc t bd adb` t r d nesghr cdonr hs mc hmsdqdr s r ` udc v hkkf ds cc dc sn ` u` hk akd a` k mbd,

at s xnt b` mmns v hsgc q v shkkxnt f ds onr r dr r hnm.

msdqdr s R`uhmf r

er t qokt r et mcr ` qd o` qj dc hm sgd ND ` bbnt ms, hs r ` udr hmsdqdr s nt sf n nmsgd gnl d

kn` m. Hdkor xnt bknr d sgd kn` m e r sdq.

Bdssdq xhdkc sg` m nsgdq cdo nr hs / hmudr sl dms oqnc t bsr

msdqdrs r ` udc hr hmsdqdrs d` qmdc . Ewodqsr qdbnl l dmc sghr oqnct bs nudq nsgdq

hmudrsl dms oqnct bsrhmbkt c hmf s weqdd anmc r ` mc FD.

mr sd` c neno dmhmf ` Fhwdc Ddonr hs (FD) enq 1-5 xd` qr , hexnt o` qj sgd r ` l d et mc r hm sgd

ND ` bbnt ms, xnt v hkkf ds 1 sn 3% ghf gdq r ` uhmf r . Mnsd sg` s xnt v hkkad qd khyhmf sghr

q sd dudm hexnt o` qj xnt q et mc r sdl onq qhkx t mkhj d FD v gdqd xnt v hkko` x ` odm ksxenq oqdl ` st qd v hsgc q v ` k. Nm sno nesg` s sgd r ` uhmf r v hsg L ` wG` hm` qd s weqdd.

Tax deduction

Amx ` l nt ms sg` s xnt c donr hs sn L ` wf ` hm v hkkmns ad sqd` sdc ` r oqd-o` xl dmst mcdq

Rdbshnm80C. Hdmbd, sg` s l nt ms cndr mns pt ` khex enq Rdbshnm80C qda` sd. Ewodqsr

` cuhbd sg` s xnt r gnt kc nmkx o` qj ` l nt ms nudq mc ` anud sgd s wc dct bshakd hmsdqdr s

onqshnm. msdqdr s r ` udc (` r r gnv m t mcdq Au` hk akd B` k mbd) hr mns s wcdc t bshakd t mcdq

Rdbshnm 24.

exnt khj dc sghr onr s, okd` r d bnmr hcdq r g` qhmf sghr

onr s v hsg xnt q eqhdmc r & e l hkx t r hmf sgd r nbh k

r g` qhmf at ssnmr nq kd` ud ` bnl l dms adknv .

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Instant Home Loans from HDFC. Hassle FreeProcess & Great Rates.


6/13

29 FEB 2012 EMI OPTION BOON ORBANE

tagged:CSBAMJ, HNL E KNAM, HRBC, DBBAMJ, NUEQDQAFS, RB, RSAMDAQD CHAQSEQED BAMJ , SAW

Featured Comment

ashish malviya

I have checked with latest daily interest calculator excel sheet and fill my

home loan detail according,.. they are as accurate, as should be, nice workdone, cant expect more.. also thanking for full explanation about product.

..just for fun

dont think even SBI emp will know, this much

138 Comments

Poornima@EMICalculator Mod

e have made the daily interest calculator excel (with all its limitations) available

o everyone now. Please obtain your amortization schedule from SBI and thenenter the 'Principal Due' values in the 'Actual Principal' column. 'Estimated

Principal' column will usually differ from SBI amortization schedule. If youdiscover any bugs, let us know.

Priya

kindly send me the excel sheet


Please see the link above in the article itself.

Nikhil

I took 29lac loan from Max gain (1 year back) and my EMI is coming as ~29000

or 20years with Interest 10.25. Recently I put 7lac as prepayment. I am

confused regarding how much Tenure will be reduced?I calculated it as 10years as to match my EMI I reduced the tenure, and so on

(jagoinvester website, but I am not sure).

Please help.


Was it pre-payment OR parking surplus fund in your account?

If its pre-payment, then what's the month you started paying EMI and the

month of pre-payment?

Nikhil

Thanks for reply..

I am not sure about parking surplus fund..I just online transferred

to OD account...My EMI started from Aug-13 and I transferred

7lac in Jan-14...After money transfer, my Book balance isshowing approx -22lac and Available balance as approx 7 lac

Poornima@EMICalculator

Mod

Forgot to reply to your original question. Assuming you do


7/13

no pan o w raw your acs ever, your oo a anceill become zero around June-2024. You can then ask the

bank to close your home loan account.

ikhil

hank you Poornima for your answers..It helped a lot..

ikhil

One more question Poornima...

hich one is benificial, to Prepay or to Park surplusmoney(assuming, I do not want to use that money in

uture), in terms of reducing tenure of loan...

In my case, can I further reduce Loan tenure if I prepay the

loan.

Can you add 1-2 examples of Prepayment also in abovescreenshot of your excel sheet....

hanks for your help...


Mod

his is exactly what I have explained in this article. This

isn't pre-payment. You are parking your money in theaccount.

I have added another table explaining the difference

between these two actions within the article now.

Saket Agrawal

Hi Poornima,

hanks for the nice article.

I don't know if I got it correctly but I didn't find example forpre-payment in excel sheet. Can you please add pre-

payment example also in your excel sheet so I canunderstand its effect on total outgo on loan vs parkingsurplus amount in Max gain account.

hanks in advance.

Himanshu Khare

Hi Poornima,

hanks for the detailed information , As a home loan seeker it is going to help

me a lot. I had one question .

I have booked an under construction property for which I take the SBI MaxgainLoan , I will be getting the possession in next 30 months. With this Loan product

should I go for a Pre Emi or Full EMI .Please suggest.

hanks & Regards

Himanshu


Please read this article for a detailed answer: http://emicalculator.net/pre-

e...

ashish malviya

I have checked with latest daily interest calculator excel sheet and fill myhome loan detail according,.. they are as accurate, as should be, nice work

done, cant expect more.. also thanking for full explanation about product.

..just for fun

dont think even SBI emp will know, this much


8/13


hanks for the compliments.

Bhuvana

Is the interest earned (and subsequently adjusted against the interest payable)

axable?


There's a subtle difference. It isn't interest earned, its interest saved.

Hence its not taxable.

nkit

Hi,

I took a 30 lac loan (Maxgain) for 25 years with interest of 10.3%. My EMI of

~28000 started from Apr 2014. I am planning to deposit 4 lac to my Maxgain A/cin July 2014 and after that i'll deposit ~10k above my EMI. With this rate when is

he earliest by which i can close my loan? Is there aschedule/calculator/spreadsheet where i can regularly check the details after

depositing extra amount ?Please help.

hanks !


Please use the excel sheet attached to this article. Before you use the

excel, you should contact your SBI branch to get the amortization

schedule for your loan. Follow instructions in the excel to determine theimpact of your surplus deposits.

Ankit

Thanks a lot Poornima ! The excel sheet is of much help.

nant

For the interests Paid, can this be claimed in the tax deduction section 24B (1.5

lakhs). ? I see few mention that section 24 B cannot be claimed for interests

saved by OD. But would like to confirm for the interests paid.


Interest paid is tax deductible.

Nitin

I have applied for SBI Max gain home loan but they sectioned the normal home

loan instead of the MAX Gain. SBI persona told me that, as per RBI guidelines

hey can not section the MAX gain home loan for 3rd property.


Thanks for sharing this information.

Ragav

Hi Poornima,

hanks a lot for this detailed article. This answers a lot of queries.

I have a quick question. I have got Max gain account and the property is under

construction. I recently sold my property in other city and would like to know if itsa good idea to park that capital gain to the loan account. I guess this will be

considered as parking surplus since I cannot repay until the final amount is

disbursed from SBI.

lso once the com lete disbursement is done I assume the mone that I


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, ,

parked will show up as "Available Balance" which I can withdraw. So how can I

repay" the loan instead of "parking surplus"? Should I contact the branch?

hanks.


Yes, you should. You should ask the branch to use the Available Balance

to pre-pay the principal amount.

Patil

It is wonderful article written by Poornima. I read complete article and based on

my understanding I have three questions with respect to SBI Max Gain:1. Say I got loan sanctioned for 30 Lakhs, 20 years duration for an under-

construction property. Say on May 1st 2014 I ask Bank to disburse 6 lakhs to

builder as first installment and on 2nd May 2014 I deposit 3 lakhs in this account,

and next disbursement is on 1st June 2014. Will interest be computed only for 3

lakhs or 6 lakhs ?2. What will be the rate of interest for deposited amount ? Will it be same as loan

interest rate ?3. Can I link same over draft account for EMI payment through ECS ?


Here are the answers:

1) Interest is calculated on a daily basis. After your deposit, your interest

will be computed only for 3 lakhs. Remember that you cannot withdraw

surplus amount until the final disbursement.

2) Same as loan interest rate.

3) Yes, you can pay your EMI through ECS.

AMUStudent TAMU

I have a big problem and need you assistance please in sorting it out:

My Maxgain loan of 30L at 10.3% started in November 2013 and there have been

4 EMIs paid until now. Emi is 27899 per month.

esterday I added a surplus of 75000 to my OD account - however, I was

surprised to see that My available balance just showed 51582. I realized that the

remaining 23418 got deducted from drawing power - essentially meaning that23418 got prepaid automatically?

Is that an error which I should check with the branch or is this some normal

procedure? Please explain.

nn1

The difference of Rs 23,418 will be equivalent to the interest for themonth. This is debited to your max gain account on the last day of the

month as a separate entry

On the EMI date the entire amount of EMI is c redited to your account.

Hence the available limit will be restored to Rs 75,000 (the amount

deposited) on the EMI date.


First and foremost, request your branch for your amortization schedule. Itshould make things clear for you. You can then use our excel to find out

what's happening with your surplus deposit.

shish There

Poornima,

hanks a lot for publishing all the important details over web.

I have SBI Maxgain OD loan account, I was granted loan of apprx 26.5 Lacs and


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i began paying EMIs (and not pre-emis) of apprx. Rs. 25000 @ ~10.5% while the

property was under construction. Out these 26.5 lacs, I borrowed appx. 21 lacsand took the possession recently (by paying outstanding amount on my own).

It seems that my emi of Rs. 25000 is being calculated against my borrowing limit

of 26.5 lacs

My question is after requesting bank to reduce borrowing limit and withdrawing

power to 21 lacs, will my EMI be re-generated based on those 21 lacs or will itremain same ?

our suggestion is highly appreciated.

Regards -

shish


I guess that would depend on what you request: reduction in EMI or

reduction in tenure.

ROHIT

Hi Poornima,

hanks for this wonderful information.

Can you please share excel of SBI Maxgain of daily basis calculations instead of

monthly basis if possible ?

Regards,

Rohit


I am currently sharing it with a few readers who have availed SBI

MaxGain and am awaiting their feedback. If you are interested, pleasesend an email to [email protected].

If you have taken SBI MaxGain, request you to share your loaninformation, complete transaction data, account summary and original

loan amortization schedule provided by SBI (of course, hide all sensitive

information). This will help me detect any errors in our excel and then

make the defect-free excel available to the public.

Guest

Hi, Thanks for detailed article. I need little help and guidance in regards to my

home loan. I have taken one home loan (regular home loan) for 11L in 2008 with

current interest rate as 10.5. I have now taken another home loan for amount

41L with max-gain scheme with interest rate 10.15. Loan will be started from

March 2014 and we have opted for full EMI starting from 1st April 2014. Fulldisbursal of amount will be completed for this loan by June 2015. My question is

if I have some additional saving, shall I use it in prepayment of existing old loan

or shall I use it and put in max-gain scheme? Which option will be morebenefitial?


Here are the rules of thumb:

a) It is always beneficial to pay off the higher interest debt first. Only then

you should think of investing / saving in lower interest products.

b) You pay more interest during initial s tages of the loan. Hence pre-

payment or surplus deposit during those initial stages will help save morein interest outgo.

Gopi

Hi Poornima, after reading your article, now I am thinking of migrating my loan to

his scheme. I have a question for you. In this scheme, is there any restriction on

ransfering some portion of available balance towards the prepayment of theprincipal..? Because, Parking of funds in Available balance will reduce the future

interest and enable me to draw that in future. However it will not ive an


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. ,

income tax benefits under section 80C. If i am transfering some portion of theavailable balance towards the principal repayment, i can get interest reduction,

80 C benefit but i need to compromise the option of drawing the amount in

uture. Thats okay for me.


Prepayment is also possible with MaxGain. Please check with SBI

regarding the process to be followed.

Gopi

Thank you so much

Rajeev Ojha

I feel there is a bug in the spreadsheet. I see that total of principal and interest

component goes on decreasing if I make a regular contribution of some amount.

Overall a very good sheet and it did motivate me in trying to shift my loan to SBI.

ery nice and useful article. Thank you very much.


Thanks for the nice words. Glad this article helped you.

I am actually working on a new spreadsheet (with daily interest

calculation) based on information that is being sent by the readers.

There's a lot of permutations and combinations (Pre-EMI vs Full EMI,

Partial disbursement, Surplus & No-Surplus, Moratorium period etc.) thatis difficult to calculate without seeing real data.

Rajeev Ojha

Hello Poornima

I think I have found the bug now. The sheet is using the principalbeing paid on the non Max gain section for the particular month as

the principal for the Max gain section too. refer cell(g24)=IF(M23


12/13

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Load more comments

House value depreciation what to

expect if this happens

If individuals could prepaythe depreciated value to keep themax borrowed money from loan

NHB bans prepayment penalty on

home loans by HFCs

I have takenhousing loan from LICHF and want toprepay the same. Although

3 factors that determine your home

loan tenure

Sir, If I take a loan of

Rs. 25 lac @10.5 % and after 6months, suppose if I am in a

Loan Affordability Calculator

Good one... This reallyhelps.... Analysis is mainly on the

important factors to be

Now it is very clear to me. Thank you so much for taking

ime to explain this.

I will try finding why the sum of Interest + Principal paid is

still not adding up to the EMI paid under the SBI section...Regards


Mod

Rajeev, try adding the difference in Available Balance to

he Interest & Principal amount under the SBI MaxGainsection. i.e., EMI = Interest + Principal + Delta in Available

Balance.

Rajeev Ojha

hank you again. Now I am in the process of transferring

he loan.

Regards

Hariharan

Can I also prepay against my principal in a max gain account, over and above

he surplus fund and permanently reduce the tenure. Do we have this option in

max gain


You can make prepayments against the principal amount. You will have

check with your bank regarding the process for the same.

Himanshu Nayak

Hi Poornima,

In the Excel you showed that till month 6 Prinicipal and Interest is same. After

keeping surplus of Rs 2L, the interest (as in interest column) is shown less thanin normal loan. I assume that you have calculated interest by deducting the

interest earned ( as seen in available balance). This means that for the

customer total EMI (Rs 29149.69 in this case) remains same and saving oninterest is indirect because available balance increased. please let me know this

important point as I am planning shifting to Max Gain from HDFC.

Regards,

Himanshu


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SBI MaxGain – Why Should_

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