How to change EMI date in SBI home loan ?

POSTED BY rahulp ON March 12, 2014 8:53 am COMMENTS (15)

Hello,

I have taken home loan from SBI. Does any one knows the process to get the EMI date changed ? Example: I want to change the EMI date from 1st [first] of every month to 5th of every month.

Thanks,

Rahul

15 replies on this article “How to change EMI date in SBI home loan ?”

  1. ramji polar says:

    hello ashal
    maine tata capital se loan liya hai. uska emi a/c icici bank
    ka hai.jo muze change krna hai. to muze kya krna chahiye. letter(formate) kaise likhna hoga.plz jaldi btana.

    1. Hi ramji polar

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

  2. Viren Phansalkar says:

    Discipline. This avoids ‘accidental’ spending 🙂 …
    I know SI would have been another option but I choose this one….

  3. Viren Phansalkar says:

    Hello Roshan,

    I had increase my EMI by some amount so I specifically wanted to add that amount to my OD account at the earliest.

    1. roshan says:

      Hello Viren,
      I am curious. why did you increase your EMI by some amount when you could have directly put that extra amount in maxgain account?

      Thanks,
      Roshan

  4. roshan says:

    Hello Ashal/Viren,

    Does emi date make any difference if you are transferring funds from Maxgain account to Savings account for EMI payment.

    eg: Maxgain account:50,000
    outstanding amount:1,00,000
    book balance is 50,000

    one day before emi date 25,000 is tranferred from Maxgain to Savings account
    Maxgain account:25,000
    outstanding amount:1,00,000
    book balance is 75,000

    On day of emi ,principal of 5,000 is adjusted
    Maxgain account :45,000 (20,000 interest added back)
    outstanding amount: 95,000 (5,000 principal reduced)
    book balance is still 50,000

    Now irrespective of emi date your book balance will remain 50,000 except the days where you transfer funds from Maxgain to Savings account for emi payment.

    Thanks,
    Roshan

    1. ashalanshu says:

      Dear Roshan, in your case, it’s OK as the money is already in MG account.

      thanks

      Ashal

  5. ashalanshu says:

    Dear Viren, Thanks for the update. Your thing is OK. I’m curiuos to know the case of dear Rahul. 🙂

    Thanks

    Ashal

  6. Viren Phansalkar says:

    Hello Ashal,

    I changed my EMI date due to following reasons. Not sure if they are true and applicable to all.
    I increased my EMI by some amount. Now as this extra amout would go towards maxgain account, I wanted it to go there at the earliest of every month so that less interest is charged. Hence, I changed my date from middle of every month to 5th (first available date) of every month.
    Another reason is, I saw that the interest was debited on last day of every month from maxgain i.e. OD account and it gets credited back once the EMI was paid. So the earlier I pay, earlier my money gets restored in OD account.
    My thoughts. So I went ahead with EMI date change.

  7. ashalanshu says:

    Dear Rahul, the basic query is aptly answered by dear Viren. I’m curious to know why do you want to change your EMI date?

    Thanks

    Ashal

    1. rahulp says:

      Hello Ashal,
      Currently, I don’t want to change the EMI date. But in case if required I wanted to know the process. Though Viren has given a very descriptive and useful answer, I would like to know that apart from bank branch, whether I’m supposed to go at even at SBI RACPC office to get the EMI date changed.

      Thanks,
      Rahul

  8. Viren Phansalkar says:

    It is very simple. Just go to the branch from where you took the loan (i am not sure if other branches will entertain us). Tell them that you want to change the date. They will give you 3 forms. Fill all of them. All of them would need stamp from the bank from which you would pay EMI. One of the three forms would be retained by that bank. Go to SBI branch again. Submit second form there and third form is for your records.

    Thanks,
    Viren Phansalkar

    1. rahulp says:

      Hello Viren,
      Thanks a lot for replying.

      Apart from branch, do I also need to go to SBI RACPC office and property registrar office to get the EMI date changed ? Because when I took the loan the bank had sent me to their RACPC office for documentation.

      Thanks,
      Rahul

      1. Viren Phansalkar says:

        Hello Rahul,

        Yes, visit RACPC centre directly. Branch can do it too but RACPC would do it at the earliest.
        Caution:
        When you submit your form for change of date, without fail tell them below line:
        “Sir, please do not forget to cancel the EMI trigger on my old date. Keep an EMI trigger only for the new date”
        This is important as for some people, EMIs were deducted twice because the clerk did not remove the trigger for earlier date.

        1. ashalanshu says:

          Dear Viren, thanks for an important update.

          Thanks

          Ashal

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