Activation of SBI MaxGain Home Loan on sanction amount or on outstanding amount ?

POSTED BY subodhtaneja ON March 24, 2014 2:33 pm COMMENTS (6)

I have got approval of 40 Lakhs for my home loan a year back. SBI paid 35 Lakhs under MaxGain HomeLoan plan before registration of the house.

On registration date for some reason I arrange money on my own and paid rest of the amount. (i.e. 5 lakhs)

Now I got the possession and when I went to bank for activate the MaxGain account to my shock they told me that they can only activate on the amount which is outstanding i.e. 34 lakhs  (1 lakh I have paid in last one year EMIs) not on the sanction amount that is 40 lakhs.

Please help me here.. is there any way that I can get all 40 lakhs in my MaxGain plan.

6 replies on this article “Activation of SBI MaxGain Home Loan on sanction amount or on outstanding amount ?”

  1. ashalanshu says:

    Dear Subodh, my pleasure.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Subodh,sorry to say but as you had not availed the full sanctioned limit, bank is rightly denying the unused limit. Now option for you to repay for your relatives is to ask SBI to arrange Home Eq. loan on the same property. Once the home Eq. is there with you, please payback to your relatives.

    Thanks

    Ashal

    1. subodhtaneja says:

      thanks again Ashalanshu for showing me the way by Home equity loan. I don’t know much about this loan, will I get loan on same interest I got for MAXGAIN that is 10.4% or I have to pay more, will it merge with my existing loan of MAXGAIN or this will be separate loan ?

      Best regards,
      Subodh

  3. ashalanshu says:

    Dear Subodh, what’s the benefit of unused loan amount to you now?

    Thanks

    Ashal

    1. subodhtaneja says:

      Hi Ashalanshu,

      thanks for the response…

      Actually I borrowed money from my relatives and wanted to return them. Do you know any clause in SBI MaxGain that restrict bank to not to give sanction amount after registration ?
      Is there any loop hole to that clause ?

      Regards,
      Subodh

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