Home loan maxgain

POSTED BY vishal soni ON March 4, 2013 9:58 pm COMMENTS (2)

Hi,
I have home loan max gain in sbi which is of 2150678 and rate of interest is 8.5% as it reflect in the online bank account and this loan i got on Oct 2009
1. Till now i am paying my EMI regularly which it comes 20056 every month and till now bank had deducted maximu interest and few percentage of principal out of that. If the principal amount is deducted then emi should also be reduced ?
As per account reflected that total Prinicpal amount : 42720
Loan amount : 2150678
Does that mean that 8.5% is calculated in 2150678 – 42720 ?
2. If i do prepayment of the loan ammount will this help in reducing me emi also ?
3. If the property is under construction and only 5 lakh is disbursed out of my loan amount then sbi should take interest on only 5 lakh not on the entire sensioned loan amount?

2 replies on this article “Home loan maxgain”

  1. Credexpert says:

    Dear Mr.Soni,

    The EMI is built up of 2 components: Principal and Interest. Interest is calculated on the amount disbursed and the balance EMI is deducted against the principal.

    Yes, if Rs. 5 lacs is disbursed then, the bank should charge interest only on Rs. 5 lacs.

    Regards,
    Credexpert

  2. Dear Vishal. had you checked the below discussion?

    http://localhost/jagoforum2/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account/2635

    Please read there. So much info is already there. Still if you want to clear your doubt which is not answered there already, please feel free to ask here or in that discussion.

    Thanks

    Ashal

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