What is SBI Maxgain loan?

What is SBI Maxgain loan?

The SBI MaxGain Home Loan gives borrowers the benefit of using their temporary surplus money to reduce the interest payable on their home loans. This surplus is deducted from the principal loan amount due, and the interest will be calculated accordingly.

How does SBI Home Loan MaxGain work?

SBI MaxGain is a home loan that is sanctioned as an OD with a limit that is equal to the approved loan amount. Your home acts as the underlying security for the OD account. This product has the same interest rate as the other home loans from SBI upto Rs. A premium of 0.25% is applied for home loans above Rs.

Is SBI Maxgain really beneficial?

When it comes to taxation, the surplus you deposited into this account and interest earned on this surplus will not be part of any tax saving. Definitely a good product if you are expecting some surplus cash at the regular time. You can benefit from depositing to this account and can withdraw at any point of time.

How can I get maximum benefit from SBI Maxgain?

You can make use of net banking to schedule a transfer of the EMI amount to the saving bank account, a few days prior to the date of payment. So not only can you park your surplus funds, but also park the EMI payments in the OD account to maximize savings on interest.

How can I close my SBI Maxgain home loan faster?

#1 Visit the branch (holding your OD account) in person or send POA (Power of attorney) holder on your behalf. Carrying POA is important as SBI will keep a copy of the POA for records. #2 Ask for the Maxgain home loan OD account closure form. #3 Ask for remaining Maxgain Balance amount.

How can I close my SBI Maxgain home loan?

How can I close Maxgain home loan OverDraft Account (OD):

1. You can go to the branch or send your Power of Attorney.
2. Take the form of the Maxgain home loan OD account from the bank.
3. Check your remaining Maxgain Balance amount.
4. Pay the remaining balance in cheque or cash.

Can I do prepayment in SBI MaxGain?

You opt for the Home Saver Loans such as SBI MaxGain to retain flexibility with your prepayment money. However, there may be certain pre-conditions before you can make withdrawal from the Excess Account (Overdraft account).

Can I preclosure SBI Maxgain home loan?

You can close SBI maxgain account by re-paying the complete loan amount. The Maxgain OD account is generally tagged to one of the SBI branch and this can be a completely different branch than the one sanctioned your home loan.

How can I close my SBI Maxgain loan?

How much money can be withdrawn from SBI Maxgain account?

You can withdraw the amount up to maximum sanctioned limit, i.e. in this case, up to Rs. 30 lakh. Usually, such types of loans are very handy when you frequently receive some surplus. Because, in normal loans once you pay the excess surplus towards a loan, then your EMI will go down.