Difference in Estimated Principal & Actual Principal in SBI Maxgain Home Loan ?

POSTED BY ON October 2, 2013 11:04 pm COMMENTS (10)

Dear Team

I have a maxgain account since Aug-2009. I took a download of all the transactions and analysed those. According to my analysis, my loan repayment  amount should be 1.87 Lakh  more that what it actually is. Here is the summarized information of my loan account.

Can you plz let me know if i am missing anything or is there any mistake in SBI’s  calculation in my case.

 Sr. No. Description Amounts Comments A Total interest till date 756647 Taken from maxgain loan statement B Total EMI till date 1283016 Taken from maxgain loan statement C Estimated Principal repayment 526369 Calculated (B-A) D Total Loan Taken 2518465 Taken from maxgain loan statement E Current Outstanding 2179747 Drawing Power / Limit F Actual principal repayment 338718 Calculated (D-E) G Difference in principal repayment –187651 Calculated (F-C)

10 replies on this article “Difference in Estimated Principal & Actual Principal in SBI Maxgain Home Loan ?”

1. ashalanshu says:

Dear Navneet, in case of Max Gain, the principal paid is not B-A. The actual principal repaid is what the basic loan amortization schedule says. Any difference left over becomes available balance.

Thanks

Ashal

2. npdangar says:

Typo correction:
So logically the principal paid would be B-A. And so is mentioned by Prakash as A.
–>
So logically the principal paid would be B-A. And so is mentioned by Prakash as C.

3. npdangar says:

Hi Ashal,
I think I understood what Prakash’s question is. But not the solution 🙂

In Prakash’s case, so far he has paid B amount as EMI.
and so far he has got interest at end of month as A.

So logically the principal paid would be B-A. And so is mentioned by Prakash as A.

Still the “Difference in principal repayment” is not clear to me.

Also 2nd thing I observed in monthly limit is that, on 1st of everymonth the limit changes from whatever was there on the last day of previous month. I thought its just addition of interest part that is credited. But that amount(diff in limit on 1st and last day of prev. month) does not match the interest part.

Best Wishes,
-Navneet

4. ashalanshu says:

Dear Navneet, does all the EMI money go to loan repayment? NO. The EMI contains Interest as well as Principal portion. This was missed by Prakash and I think you also. Please check the calculation done by dear Prakash above to understand what I mean.

Thanks

Ashal

5. nsabhyankar says:

Dear Ashal,

Could you kindly explain the answer to dear Prakash’s query on the forum? It would help others as well.

Thanks

6. ashalanshu says:

Dear Navneet, can you share your query exactly? Alternatively, please mail your account statement in exl. file format to my personal mail id.

Thanks

Ashal

7. npdangar says:

Hey Prakash, Ashal,
I have similar doubt. So can you please share the details on why the difference?
I have prepared one excel sheet based on info from here and there, and very information input from this site. But the limit part on the SBI homepage always confuses me.

-Navneet

8. ashalanshu says:

Dear Prakash, thanks for the parising words. I’m not genius. simply learning from my interactions with you and all other people.

thanks

Ashal

9. ashalanshu says:

Dear Prakash, Can you share your loan account statement with me. I want to look into it on my own.

thanks

Ashal

1. Prakash Dinde says:

We discussed. You are genius. Thanks again.

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