POSTED BY November 27, 2013 6:47 pm COMMENTS (11)
ONHello Sir,
I have a query regarding my maxgain account. I had taken a home loan ( term loan )of 1500000(15 Lakhs) from SBI in 2009 and I pay EMI of 14,965. In the month of May 2013, I converted the term loan in to maxgain to make use of overdraft facility. On October 4 2013, I deposited Rs 4000 to my maxgain account. When I checked my account online on October 22 2013, my account showed following details .
Book Balance -14,01,844,00
Available Balance 3,382.00
Limit 14,05,226.00
Drawing Power 14,05,226.00.
Rate of Interest 10.05%
My question is I had deposited 4000 in my account instead of 4000, available balance showed only 3382. (I have not withdrawn any amount)
On November 19 2013 these are the details.
Book Balance -13,98,906,00
Available Balance 3,334.00
Limit 14,02,240.00
Drawing Power 14,02,240.00
Rate of Interest 10.25%
Every month money is getting deducted from my available balance. Can you please clarify why my money is getting deducted.
Thanks,
Sikinder S
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Hi,
My Available balance also automatically reduced by 45K when interest amount posted by bank in my account (on that day). Why my available balance reducing and it’s my additional amount paid in the Max gain account right. Pls give me clear explanation.
Note: I am paying principal and Interest by automatically every month ( GIRO method). What is happening my Available balance reducing?
The question is not clear.. please give numbers
I am facing same issue , each month I deposit some amount in my OD , last when I deposited available balance was 5500 now it’s 2100, my max loan is fully disbursed, where my money is going, Ashal it will be great help if u can explain
Hello Ingit, You will have to ask this to SBI directly. We won’t be able to help you with this query.
Thank You
Anuradha
Oh ok. Thanks Ashal.
As always, you are more than helpful and patient with all our queries.
Thanks & Regards
Viren Phansalkar
Dear Viren, Sikinder was confusing for reductuion in available balance due to deduction of interest on last day of the month. He was in the impression that interest should be adjusted on the EMI date itself just like normal home loan. I clarified the working of Max Gain to him and now he is satisfied.
Thanks
Ashal
Hello Ashal,
I wish to know the solution to Sikinder’s query i.e. why his balance keeps on reducing.
Thanks & Regards
Viren Phansalkar
Dear Viren, can you elaborate your query? In a normal home loan, the interest is adjusted on the EMI date itself but in Max Gain, being an overdrafdt account, the interest is debited on the last day of the month. Hence many people do not understand this thing properly and think that home loan account is not working fine.
Thanks
Ashal
Hello Ashal/Sikinder,
Can you please elaborate solution.
Is this problem due to the fact that in case of OD account, the interest is charged from the 1st of every month and the EMI gets deducted on specific dates like 5th, 10th or something.
Thanks & Regards
Viren Phansalkar
Dear Sikinder, I hope that after our personal interaction this query is over now.
Thanks
Ashal
Dear Sikinder,
If the loan is partly disbursed, then the available balance will be the sum of undisbursed amount plus parked surplus, if any. In case the loan is fully disbursed, then it will be only the parked surplus amount, if any which is available to withdraw.
Please demand a loan amortization schedule from your loan serving branch & compare the available balance reduction with this.
Regards,
Credexpert
http://www.credexpert.in