About Drawing Power amount in SBI Max Gain overdraft account

POSTED BY cvs ON September 5, 2014 4:16 pm NO COMMENTS

My Sanctioned Loan Amount : 20 Lac

My Actually Disbursed Amount : 19 Lac

Note that this is the final disbursement. I have not purchased under-construction property. Sanctioned amount  was higher because loan was transferred from other bank. At the time of home loan application to SBI, my outstanding principal in other bank was 20 Lac. But at the time of actual disbursement, outstanding amount with other bank was just 19 Lac and so SBI disbursed 19 Lac only.

I have following questions because of some confusing figures in my passbook:

1) What should be my Drawing Power  “after final disbursement” – 20 Lac or 19 Lac?

2) My DP amount today is “20 Lac – Principal repaid till today”. Note that repaid principal is not deducted from 19 Lac! I have started repayment 4 months back. I have not parked money in this account.

3) Thought it’s the case with DP shown in online SBI,  “Balance” column of the table (showing each transaction) in the online passbook shows negative amount = “-19Lac – Principal Repaid till today”. Note that it’s not based on “-20 Lac”.

4) How to ensure that bank is calculating interest on disbursed amount only?

5) Is it important that my DP should be based on the actually disbursed amount only? Some blogs say that DP is the outstanding principal you have to pay to the bank to close account! If this is the case, I will have to pay for the extra 1 Lac which bank has just sanctioned but never actually disbursed !

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