Jargons in Loan account. How much loan amount I still owe to bank

POSTED BY Kumar Manoj ON August 23, 2012 3:50 pm COMMENTS (3)

Hello Experts,

I had taken Home loan from SBI for 56,00,000 and since my EMI started
after 1 month, after one month total amount shown in my loan statement
was 56,59,000. I had EMI of 62000 but i increased it to 65000. So i
guess rest 3,000 will be made towards my principle repayment. Now
after one year, i have paid another 5,00,000 towards my loan repayment
which i am not sure is adjusted towrads loan preinciple repayment or
not. I can see few jargons in my loan account. Could you please
clarify the same .

Book Balance = -49,33,822.00
Available Balance = 5,03,893.00
Limit = 54,37,715.00
Drawing power = 54,37,715.00.
Could you please let me know what above terms mean to me.
Regards,
Manoj

3 replies on this article “Jargons in Loan account. How much loan amount I still owe to bank”

  1. Kumar Manoj says:

    Hello Ashal,

    Yes I guess i Have Max Gain loan account. This is the description I have on my account

    ‘SBI HL MAXGAIN >30L-75L MAY11’.

    Regards,
    Manoj

    1. Dear Kumar Manoj, here it is –

      Book Balance = -49,33,822.00 – It’s the adjusted loan amount for interest calculation against the surplus amount of 5L Rs. parked by you.

      Available Balance = 5,03,893.00 It’s the surplus amount of 5L Rs. + the saved interest from your regular EMIs which is available for you to withdraw in between if you need so

      Limit = 54,37,715.00 – It’s the as on date actual loan outstanding amount

      Drawing power = 54,37,715.00. – It’s the as on date actual loan outstanding amount

      Please check the below link to understand Max Gain product.

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

      Thanks

      Ashal

  2. Dear Kumar Manoj, It seems your loan account is Max Gain. Please confirm.

    Thanks

    Ashal

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