Discrepancy in Available Balance shown in Max Gain Home loan account

POSTED BY Deepak5384 ON May 5, 2014 10:06 pm COMMENTS (2)

Hi,

I have  Home loan acc(Max Gain) . In last month , I had deposited 1 lac on 16th apr 2014 in Max Gain acc and it showed me following –

Book Balance  – 20,20,052.00

Available Balance  2,50,196.00

Limit  22,70,248.00

Drawing Power 22,70,248.00

above calulations are correct as per all above figures.

But when today looked up same thing I found some discrepancy in available balance and related figures  as below –

Book Balance -20,37,988.00

Available Balance-2,30,849.00

Limit -22,68,837.00

Drawing Power -22,68,837.00

If you can see , there is a diference in available balance .

When I download the statements I got  –

17,936.00 as debit interest on 30th April 2014.

I think, this is the diffrence amount … but don’t understand why bank debited the interest from available balance… as this amount I’m deposited like my saving.

Could you please tell me about this.?

2 replies on this article “Discrepancy in Available Balance shown in Max Gain Home loan account”

  1. ashalanshu says:

    Dear Deepak, first there is basic home loan adjustment from your money. This can be look upon from drawing power figure. Earlier it was 2270248 and now it’s 2268837. Hence 1411 Rs. has been adjusted towards basic home loan.

    Now comes the question of available balance and book balance. Before understanding it, please do note being an OD account, interest ‘ll be adjusted only on the last day of the month. Hence interest of 17936 has been adjusted and accordingly your available balance came down by that much amount. As the AB came down, Book Balance went up.

    At any given point in your loan account –

    Drawing Power = Actual loan amout due on you.
    Available Balance = Money parked by you which can be withdrawn by you in case of need.
    Book Balance = Drawing Power – Available Balance, this is the balance on which interest is calculated and deducted on last day of the month.

    Thanks

    Ashal

  2. Viren Phansalkar says:

    Go to google.
    Type: Asanideasforwealth blog
    This is Ashal’s blog. Pick any section on MaxGain. He has videos on MaxGain.
    Probably, Ashal knows more on MaxGain than any SBI staff.
    Your query would be answered by the working explained by Ashal.

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