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 ??