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POSTED BY ON December 2, 2013 8:03 pm COMMENTS (10)
Hi,
I tried to apply my brain to the extent possible by reading previous articles but unable to understand few things display in my SBI MaxGain Account.
Here is the current balance display shown in the account:
Book Balance: -25,58,097.00
Available Balance: 2,12,138.00
Limit: 27,70,235.00
Drawing Power: 27,70,235.00
I understand that drawing power is my Loan Outstanding Amount.
My full disbursement has been made (28 L) and I have now transactional rights to the account.
So, how come it’s showing available balance as Rs. 2 Lacs above ? I have not parked any excess amount as of now.
What exactly Book Balance shows ?
My first EMI started on August 2011. I have opted for starting of EMI instead of pre-EMI.
At any given point of time how to find out how much amount I can transfer to my other Savings Account whenever I am starting parking of extra money into this account ?
Also, I don’t know why my final disbursement was made lesser by Rs.6000/- which I had to pay to the builder separately.
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I have SBI MaxGain home loan, my EMI is 37,378. I did not transfer any amount to max gain .But is is showing available balance as 36809.56. Ideally it should see zero or the equal to EMI amount (37378). But why there is difference of around 570 Rs. Below is screen shot
Book Balance -34,44,393.44
Available Balance 36,809.56
Limit 34,81,203.00
Uncleared balance 0.00
Drawing Power 34,81,203.00
Hello Mahi, Kindly get this query clarified from bank. We won’t be able to tell the reason behind it.
Thank You
Anuradha
Dear Prashant, please feel free to ask as many times as you like to.
Thanks
Ashal
Dear Ashal,
Got your point. I will utilize full benefits of SBI MaxGain and keep that amount there only and enjoy the liquidity benefit and at the same time save the interest.
Thanks a lot for your replies.
Dear Prashant, what ‘ll be the end benefit if you prepay this 2L: Rs. to bank. In terms of interest reduction, you are already getting the benefit. Why do you want to forgo your liquidity for this 2L Rs?
thanks
Ashal
Dear Ashal,
There is deduction in my Drawing Power regularly.
See the balances as of Sept. 2013
Book Balance -25,79,388.00
Available Balance 2,02,139.00
Limit 27,81,527.00
Uncleared balance 0.00
Drawing Power 27,81,527.00
Currency INR
Rate of Interest (% p.a.) 10.3%
Lien Amount 0.00
And the balances as of today:
Book Balance: -25,58,097.00
Available Balance: 2,12,138.00
Limit: 27,70,235.00
Drawing Power: 27,70,235.00
So, I think you are correct. This Rs. 2 Lacs plus amount is balance amount after principle and interest adjustment as my original EMI was calculated at the rate of almost 10.75% at that time.
Can I use this Rs. 2 Lacs amount to pre-pay my loan ? What’s the procedure for that ?
Is there any tax implication if I continue to keep this amount in this SBI MaxGain Account only ?
Dear, Prashant, if there is no reduction in your Drawing power, it indicates principal adjustment has not been there. Please contact SBI for the way you want to get it adjusted.
Thanks
Ashal
Dear Ashal,
Thanks for the reply.
Yes. The first point of Rs.6000/- is clear now.
However, as it’s showing Rs. 2 Lac as balance does that mean they have not reduced my principal properly from the day one of paying EMI ?
My intention to start EMI from day one was to reduce the principal and not to save money for future use. 🙁
Also, can I ask them to adjust this Rs. 2 Lac balance to pre-pay the loan amount now itself to reduce loan amount to 26 Lacs from 28 Lacs ?
Dear Prashant, in the first dibursal month, in 2011, SBI charged you interest for the disbursed loan amount used by you for some days in that month. the interest for the same was 6000 Rs. adjusted on the last day of the month at that time. this is what you had to pay now directly to builder.
As you were paying full EMI from day one, the current 2L rs. available balance is from your saving over the period towards interest and principal not adjusted.
From the given info, as of now you can transfer this 2L Rs. amount to any other acount if you need so.
Thanks
Ashal
http://jagoinvestor.dev.diginnovators.site/forum/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account