Actual Maxgain prepayment experience, anyone?

POSTED BY nsabhyankar ON November 20, 2013 12:25 pm COMMENTS (4)

hi all,

Has anyone had the experience of partial pre-payment on a home loan with SBI Maxgain account?

How was your experience in general? How much time did it take in the bank?

I also have some specific questions:

1. Did you have to visit the RACPC or you could do it at your loan servicing branch?

2. Did you get to choose whether you want to reduce the EMI or reduce the tenure?

3. Did anyone do it without changing the EMI? Can we prepay without changing the EMI or the tenure?

4. Did SBI officials put any limit on the number of times you can prepay in the tenure? (with or without a change in EMI)

5. Did they deduct the amount from your MaxGain account, if you had enough balance, or did they ask for a separate cheque?


4 replies on this article “Actual Maxgain prepayment experience, anyone?”

  1. Credexpert says:

    Dear nsabhyankar,

    It would be best if you approach the bank directly and seek clarifications on the same. Any assumptions or incorrect information will impact on your loan account and will be reflecting on your credit report and score.


  2. ashalanshu says:

    Dear Nsabhayankar, prepaying ‘ll bring down your loan liability in actual and accordingly you may ask for a reduced EMI. yes this is possible. Please contact your loan serving branch for the necessary work. You need to apply in written and they ‘ll do it within few days, you ‘ll also get the confirmation of all the thing i.e. EMI reduction, loan reduction, money adjustment and all things. No need to visit RACPC for this job.



  3. nsabhyankar says:

    Dear Ashal,

    1. I am planning to invest in another property (residential, commercial or a plot) and thus need another home loan. So, I want to get the EMI reduced to increase the eligibility on the second loan.

    2. I have rented out the property and have decided that I won’t touch the rental income till the time the loan is over. It belongs to the bank.
    It is true that I am saving on the interest using MaxGain but prepaying will reduce the interest amount due itself, right?

    3. I took the loan in 2010. I would like to prepay a small part ASAP when the interest component is still quite high in the EMI. Once that is reduced a bit, I may not prepay again and utilise the MaxGain advantage.

    4. As you have said elsewhere on this forum, there is also a bit of psychological / emotional thing on my part that I want to get rid of the loan.

  4. ashalanshu says:

    Dear Nsabhayankar, why are you interested in prepaying (thus preclosing) a Max Gain?



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