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POSTED BY ON December 4, 2013 2:24 pm COMMENTS (3)
Hi, I have taken SBI home loan of Rs 18 lakhs 3 months back. Till date, 15 lakhs has been relaease to the builder. Recently, I opened my online account and checked that drawing power is 17.74 lakhs only. In addition to this, Interst on loan account is also debited monthly(around 10 k for three months). So, I am not very sure how this calculation happens. Can someone explain this?
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Dear Pawan, interest is due on you for the disbursed loan amount of 15L Rs. Hence SBI is deducting the same from your EMIs. Against the sanctioned loan amount of 18L Rs., you are paying EMIs from the start, hence from your EMIs, till date 26000 Rs. have been adjusted towards basic loan and now your basic loan outstanding is only 17.74L Rs.
for your own understanding you may understand this way – Out of 15L Rs. you have repaid 26000 Rs. ahence 14.74L Rs. is the remaining loan amount + 3L Rs. yet to be disbursed loan amount. Hence total outstanding 17.74L Rs.
Drawing power is your as on date actual loan balance to be repaid to bank.
Thanks
Ashal
Dear Pawan,
Drawing Power is your as on date actual outstanding loan amount. Before final disbursal or start of loan repayment, it’s your sanctioned loan amount. Once your EMI starts, it’s your as on date actual outstanding loan amount.
Approach the bank directly for an amortization schedule which will help clarify details further.
Regards,
Credexpert
http://www.credexpert.in
Read This:
http://jagoinvestor.dev.diginnovators.site/forum/jargons-in-loan-account-how-much-loan-amount-i-still-owe-to-bank
Drawing Power is the as on date actual loan outstanding amount on which only bank will charge interest. So, you should be happy if it has got deducted. … 🙂