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Hi, my husband and I have jointly taken a home loan under the SBI Maxgain scheme. The total approved loan amount is 6500000. the bank has already disbursed 49l to the builder. The monthly EMI that we are paying together is 56000. This is the EMI on a total loan amount of 65l at ~9% interest for a period of 25 years. I confirmed it on bank bazaar EMI calculator site. However, when I see the bank statement it shows that the debit amount is 49 l. And after calculating the interest and the principal component it shows a closing balance which is (49l – principal component of that month). I have not opted for pre-EMI option. My question is, if I am paying EMI on the entire approved amount then why does the bank statement show the calculation based on the disbursed amount and not the entire loan amount of 65l ? My second question is, if till the end I do not need the entire 65l, then what happens to the remaining amount since I am already paying EMI for that? How does that amount get adjusted? Please help me with it. Am I missing something?

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13 Answers

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1 Ashal Jauhari September 15, 2012 at 7:19 pm

Dear Tora, please check your Max Gain account for following things.

Book Balance

Available Balance

Limit

Drawing Power

Thanks

Ashal

Reply

2 Philips September 16, 2012 at 12:05 am

Dear Sir,

I am having home loan of 35L from ICICI bank (from last 1year). I understand that SBI is having lower interest rate compare to ICICI and hence I am planning to shift my home loan from ICICI to SBI (under max gain scheme) I am having 02 questions:

1. I have 10L of liquidity with me. In case I prepay 10L to existing bank and then transfer my loan then — My home loan interest rate bracket will be consider based on my original loan ( 35L) or current outstanding (~25 L)? I see SBI has different interest rate for loan above 30L (10.4 compare to 10.25% for loan below 30L)

2. Is there any extra charge in interest rate for SBI max gain scheme compare to regular home loan schemes from SBI?

Thanks in advance for your help!

Reply

3 Ashal Jauhari September 16, 2012 at 7:02 am

Dear Philips, Here are my inputs for your condition.

1. Instead of prepaying full 10L Rs. to ICICI, just pay 5.1L Rs. to make your existing loan below 30L Rs. limit. Now transfer this loan to SBI Max Gain.

2. Once SBI MG is active, please park the remaining surplus amount of roughly 5L Rs. into MG account to save on interest outgo yet you do have liquidity of this amount with you to use in case of need.

3. No, there is no extra charge or ROI for SBI MG.

Thanks

Ashal

Reply

4 parashar September 17, 2012 at 11:27 am

Hi,

My father and I plan to apply for SBI Maxgain home loan – a joint home loan – for a new jointly owned house. The loan amount will be ~60L for now.
My questions are:
1) Who amongst us can claim for income tax benefit – Principal and Interest payment? How much can each one claim?
2) My father has a property which he plans to sell later. Can he directly credit this SBI loan account with the proceedings from the sale of his property? What will the tax implications if any? The sale is expected to happen in next 6 months but we are applying for a loan this month.
3) Is there any suggestion you have about how to structure the loan, ownership of house? Should it be jointly owned?

Thanks,
Parashar

Reply

5 Ashal Jauhari September 17, 2012 at 2:17 pm

Dear Parashar, here are answers for your queries.

1. Both of you can claim tax benefit if the property is joint ownership & joint loan basis.

2. This requires a detailed info. Please provide the purchase price of new property, purchase price of old property, purchase date of old property, possible sell price of old property. Why I’m asking this? The reason is sell of old property ‘ll invite long term capital gains tax liability on your father. Also tell when ‘ll you get the possession of new property.

3. Please answer the details demanded in point 2 above.

Thanks

Ashal

Reply

6 anurag3003 October 4, 2012 at 3:29 pm

Ashal,

I have taken home loan(23.25 L) from SBI (maxgain- 10% ROI) on 28th Sep,2012 and my first EMI would deduct (from sbi saving account) on 5th Oct,2012. OD account is linked to SB account.I want to check online the provisional home loan certificate to see how much interest and principal would be deducted in this financial year but when i go to enquiries tab and select the Home Loan Int. certificate , it says you do not have any housing loan accounts.

Where can i get the Home loan Int certificate. Would it be visible after my first emi is deducted?

Also, Till Aug,2012 I was having ICICI home loan and i closed that home loan last month and sold off my property also and in Sep,2012 i bought a new property(ready possession) for which i have taken home loan from SBI. Now for income tax benefit can i change the property details in tax declaration in the middle of the financial year and get the tax benefit of new property which i bought just now for rest of the year.

At the time of filing the income tax return, do i need to submit both interest certificate (ICiCI and SBI) as actual proofs.

Please let me know in case you need more information.

Reply

7 danz November 30, 2012 at 8:00 pm

SBI MAXGAIN Home loan – Pre EMI options

I am planning for a SBI MAxgain home loan, the projects complets in 18 months but for the first 12 months I cannot pay full EMI,

Is there an Option in SBI MAXGAIN to pay only the interest for loan amount disburshed?
An agent said that then I should opt for SBI YUVA loan, which I do not want to.
Please do let me know the option

Reply

8 sanjeevc December 31, 2012 at 1:19 am

Dear Ashal,

Hope you are doing great.
I am planning for a loan from SBI upto 30L under max gain scheme,
The person concerned at the site informed me that EMI payment shall start after 18 months, before which I shall have to pay only interest (pre emi Interest) on the demand cleared by the bank.
So
if 5L is the amount cleared by SBI as per demand how will I pay only 4150/- month as interest ? and after 18 months 28951 (Principle + Interest)

Is this understanding correct ?
Wont I end up paying extra interest for 18 months than I would have actually paid if EMI’s had started ?

Also he explained me the benefit of MAX Gain of parking of surplus amount, now shall I park surplus amount as soon as the 1st demand is cleared and I have to pay the 1st interest ??, If yes ? Kindly tell how will this benefit ?

OR I can only park surplus amount once actual EMI start after 18 months.

Thanks
Sanjeev

Reply

9 sanjeevc December 31, 2012 at 1:21 am

sorry for the typo
if 5L is the amount cleared by SBI as per demand, * will I pay only 4150/- month ?

Reply

10 Ashal Jauhari December 31, 2012 at 4:51 am

Dear Sanjeev, please read my reply given to you in another query posted by you.

thanks

Ashal

Reply

11 Ashal Jauhari December 31, 2012 at 4:53 am

Dear Danz, you can opt for full EMI from day 1 in Max Gain. Else you have the option to park surplus into Max Gain to bring down the interest outgo even during pre EMI period.

Thanks

Ashal

Reply

12 Ashal Jauhari December 31, 2012 at 4:54 am

Dear Anurag3003, can you mail me the details on my personal mail ID as the answer ‘ll depend on the actual facts & figures quoted by you.

Thanks

Ashal

Reply

13 Nidhi Doshi January 13, 2013 at 5:31 pm

We have taken SBI max gain home loan in Jan 2012. we havent opted for Pre-EMI option. The apartment is still under construction. Can we claim interest paid as a part of EMIs from April 12 till March ’13 for tax benefits for 2012-13 financial year. Or we can do it only after the possession/apartment is registered in our name. Please advise.

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