What is overdraft facility in SBI Maxgain?

SBI MAXGAIN While customers will have to remit the Equated Monthly Instalments (EMIs) as in the case of usual Home Loans, the Drawing Power on the Overdraft will be reduced on monthly basis to the extent of the principal component of the EMI so that the Overdraft is liquidated at the end of the loan tenure.

Is prepayment allowed in SBI home loan?

The partial prepayment in a home loan allows you to reduce the total tenure of your existing loan, EMI or both of these. This can be done as per your financial needs.

How can I transfer money from SBI to overdraft?

Disbursement : Overdraft account will be opened in the internet banking itself and withdrawal/transfer of fund from this account can be made either through internet banking facility or Cheques. Please note that, request for Cheque book has to be placed separately by you through internet banking facility.

How do I change my Maxgain to term loan?

Yes, you can convert your SBI Max Gain Home Loan into a regular term loan.

1. You need to contact your bank manager and give a written request to do this.
2. The bank will request you to submit a new set of all the documents required for loan processing.
3. You may also be charged a nominal fee to do this loan transfer.

How does SBI MaxGain account work?

Maxgain Home Loan is an innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost. The maxgain calculator allows you to calculate the savings in comparison to regular home loan.

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.

Is partial payment allowed in home loan?

A home loan offers a number of benefits which may make prepayment unbeneficial. Prepayment is a facility which allows you to repay your housing loan (in part or full) before the completion of your loan tenure. Usually, customers opt for prepayment when they have surplus funds.

What is an SBI maxgain home loan?

Sbi Maxgain home loan is a home loan variant of SBI that works like an overdraft account. It is an account where you have a certain amount sanctioned as a loan to you- you withdraw it for use as much and when you need it. When you’re done and have the money back, you pay the amount back and get interest charged only on the amount you withdrew.

Can I withdraw money from SBI maxgain with prepayment?

#5 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).

How can I pay 5 lakhs to a builder through SBI maxgain?

You need five lac to pay to the builder, you withdraw it from your account and give it to him. Step 3. After 20 days, you get bonus payment from your office and deposit the 5 lac back into the SBI Maxgain account. Step 4. SBI will charge you rate of interest only on Rs 5 lac for 20 days- the amount and time you actually used.

Is SBI maxgain the right choice for You?

For people bogged down with monthly EMIs, liquidity is a big concern that needs to be addressed. Thankfully, SBI Maxgain has you covered in that case. This is a pure loan product offering cheque book and ATM facility. This makes it a personal loan in true sense- helping you use it for routine expenses as well.