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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
5/21/2018 SBI MaxGain Why Should_
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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:
5/21/2018 SBI MaxGain Why Should_
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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
5/21/2018 SBI MaxGain Why Should_
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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
5/21/2018 SBI MaxGain Why Should_
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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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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
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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
5/21/2018 SBI MaxGain Why Should_
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...
Poornima@EMICalculator
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
Poornima@EMICalculator Mod
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
5/21/2018 SBI MaxGain Why Should_
8/13
Poornima@EMICalculator Mod
hanks for the compliments.
Bhuvana
Is the interest earned (and subsequently adjusted against the interest payable)
axable?
Poornima@EMICalculator Mod
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 !
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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 ?
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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
Poornima@EMICalculator Mod
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
Poornima@EMICalculator Mod
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?
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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.
Poornima@EMICalculator Mod
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
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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
Poornima@EMICalculator
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
Poornima@EMICalculator Mod
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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