SBI MAX GAIN drawing power not reduced by principle amount of EMI

POSTED BY rrahul4 ON November 13, 2014 2:40 pm COMMENTS (5)

Hi Team

I have transferred my existing loan from LIC Housing Finance to SBI MAX GAIN and the loan amount is 28.40 L. The EMI amount is 30,466 (which includes RINRAKSHA EMI also). Now my first EMI decuted from SBI Savings account on 10th Nov.

1. But As per below data the drawing power is still same, ideally it should be reduced by some amount rt?

2. Also I came to know that there is some moratorium period till then drawing power will not get reduced?

3. Also when I am login to SBI online portal, under RIN RAKSHA I am not able to see any credit transaction entry also. However they told me EMI 30466 includes RIN RAKSHA EMI also.

Kindly help to advise on above queries.

Account Number 00000034339057892
Description SBI H L MAXGAIN OD (AUG14)
Book Balance -27,26,852.00
Available Balance 1,13,148.00
Limit 28,40,000.00
Uncleared balance 0.00
Drawing Power 28,40,000.00
Currency INR
Rate of Interest (% p.a.) 10.15%
Lien Amount 0.00


5 replies on this article “SBI MAX GAIN drawing power not reduced by principle amount of EMI”

  1. Mani says:

    I am also facing the same issue. My construction is completed and now I got the complete control for INB and also have cheque book, but still drawing power is not getting reduced.

  2. uts says:

    I am also facing the same issue. SBI staff don’t respond to mails. For any home loan related queries branch staff will ask you to contact RACPC and dont have words to explain about RACPC staff.

  3. rajat says:

    I too facing the same problem..Please let me know incase anybody got clarification.

  4. ramki982 says:

    I’m also facing the exact same problem. The drawing power and limit doesn’t reduce. Some employee in RACPC told me that because I opted for 20 year tenure – first 5 years (till 2017) in my case, only applicable interest based on my book balance will debited from my account. Actual principal portion repayment will get started only after that.

    Is this real?

    1. uts says:

      ramki982 Please elaborate. I am not sure where is the major chunk of principal amount is going. Whatever the amount I park in maxgain account, drawing power reduces by few thousand rupees.
      RACPC and home branch guys are not responding to my queries. This is very frustrating.

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