Need to understand the Home Loan transactions..

POSTED BY Bibhuti ON August 31, 2013 11:05 am ONE COMMENT

Hi,

 

I have taken a loan of 40,00,000 under the SBI MaxGain policy. My loan period started from March 2012 with a monthly EMI of 40610.

Now, during the phase of construction, I only availed the loan in 3 phases, 1st in March 2012 for an amount of 9Lac, 2nd in Jan 2013 for an amount of 12Lac and now in August 30 for an amount of 15.43 Lac total amounting to 36.43 Lac.

Questions:

– Will the remaining amount of 40Lac – 36.43Lac not be considered in the Loan calculation process ?

– In the meantime, if I go to my bank statements, i have already paid a total interest of 1.69Lac and Principal of 5.2Lacs. So total paid = 6.9Lacs

How I derived those values?? (Just added up “DEBIT INTEREST” section for total interest payment till dat and added up the “BULK POSTING-BY E.M.I. TRF FROM XXXX” to get the total amount paid, so deducted the interest paid from it to arrive at the total principal paid)

now the discrepancies that I observe here as per my understanding are:

The limit and drawing power should be 40Lacs – 5.2Lacs(the total principal paid) = 34.8Lacs but it actually shows as 39.18Lacs. So I understand the principal I paid is just 0.86Lacs and not the 5.2Lacs which I imagined

Please if anyone can help me understand it , would be really great !!

 

Thanks

One reply on this article “Need to understand the Home Loan transactions..”

  1. Dear Bibhuti, please read the Max Gain article in the main JI site. If you are still in doubt, please come back here again & we ‘ll discuss it with you. You are missing the point that principal is adjusted as per your loan amortization schedule & whatever the saving is there, from your EMI in the form mof less interest outgo, it;s available to you as surplus amount mentioned in your bank statement as available balance.

    Thanks

    Ashal

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