### Is Available Balance amount in SBI home max home loan gain account decreases in every month? I didn’t withdraw any money from my Available Balance.

POSTED BY ON September 10, 2013 1:56 pm COMMENTS (7)

Before raising my question I want to mentioned that I had taken reference of one of the article published on Jagoinvestor.com The link is as below mentioned.

https://www.jagoinvestor.com/2013/05/sbi-maxgain-home-loan-review.html

In this link it is mentioned that  whatever interest saving is occurred due to the extra money deposited(other than EMI)  will remain available in your account as Available Balance ,  so for next month, the Available Balance amount will be Available Balance= (Available Balance + Interest Saved).

I had open SBI Max Home loan Gain account in May-2012. Loan amount and period is Rs.11,70,000 and 20yrs respectively. Current rate of interest is 9.95%. My EMI is Rs.10670. My EMI is deducted on every 10th of month from SBI saving account.

At 28th Aug 2013 my home loan account position was as follows :-

Book Balance :  – 10,31,756.00

Available Balance :  50,388.00

Limit:  10,82,144.00

Uncleared Balance: 0

Drawing Power: 10,82,144.00

At 31th  Aug 2013 my home loan account position was as follows:-

Book Balance :  – 10,40,501.00

Available Balance :  39,271.00

Limit:  10,79,722.00

Uncleared Balance: 0

Drawing Power: 10,79,722.00

As my EMI is deducted on every 10th of month, So on 31th  Aug 2013 the EMI is deducted from my available balance. My first query is 1)As my EMI is Rs.10,670, so the on 31th  Aug 2013 the Available Balance should be

Available Balance= (Available Balance – EMI), so the value of Available Balance should be Available Balance= 50,388 – 10670 = 39,718 but it’s actually showing Available Balance :  39,271 So Why there is difference of Rs.447?

On 10th Sept 2013, my actual EMI(Rs.10670) is deducted from my SBI saving account, and my home loan account position is:-

Book Balance :  – 10,29,831.00

Available Balance :  49,941

Limit:  10,79,722.00

Uncleared Balance: 0

Drawing Power: 10,79,722.00

Could anybody elaborate me about this Amount Reducing in Available Balance ??

## 7 replies on this article “Is Available Balance amount in SBI home max home loan gain account decreases in every month? I didn’t withdraw any money from my Available Balance.”

1. Amrita says:

Hi,

I have taken 40L home loan in May’16. Paying my EMIs regularly by saving account. This month on 1st Dec, I transferred around 96,000 to my OD or HomeLoan account to get the benifit of maxgain.
My defined EMI was deducted as usual from my saving account on 10th of Dec. Now, when I check my available balance in OD account, it is showing only 73,352. As per my understanding of this maxgain account, my available balance should be 96,000. Can anyone help me to understand why the available balance is not he same amount which I transferred.

Thanks,
Amrita

1. Hi Amrita

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

Manish

1. Amrita says:

Thanks, Manish for your reply. I will check this with Bank.

Regards,
Amrita

2. Hari says:

Hi Ashal,

My Available balance in the month of November was 59,xxx. But after yesterday, it has reduced to 46,455.

So will my Available balance reduce on a monthly basis. Please clarify.
Book Balance -17,03,545.00
Available Balance 46,455.00
Limit 17,50,000.00
Uncleared balance 0.00
Drawing Power 17,50,000.00

3. Dear Girish, NO. Please check your Drawing power first. 🙂

thanks

Ashal

4. Girish says:

Thanks for quick reply Ashal…:)

So that means, at End Of The Day or on tomorrow, my available balance once again become Rs. 50,388.00 … Am I right? Correct me If I am wrong..

5. Dear Girish, in case of Max Gain, interest is deducted on the last day of the month. So on EMI credit date, only principal part is adjusted from your drawing power & the interest part remain as surplus. this Interest part of your EMI also helps to cut back your interest outgo & that’s how from 10th august to 31st August, you are getting a saving of 447 Rs. in your actual interest outgo over what you had paid in EMI.

Again on 10th Sept, the principal part of your fresh EMI has been adjusted towards Drawing power (Please wait for end of the day to reflect it into your account). Remaining interest from your EMi is available as surplus.

thanks

Ashal

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