SBI Max Gain Home Loan – Paying first installment on my own

POSTED BY gondpk ON September 18, 2013 3:04 pm COMMENTS (7)

Hi,

I have applied for SBI MG home loan, and it is not yet processed and dosnt seem to be happening on time. I am advised to pay first installment from own account and once the loan is sanctioned, the first installment will be reimbursed to my account. Need clarification on the same from you so that I can plan accordingly.

Thanks,

Praveen

 

7 replies on this article “SBI Max Gain Home Loan – Paying first installment on my own”

  1. ashalanshu says:

    Dear Praveen, the 2.75L Rs. ‘ll remain as surplus in your Max Gain account. you can use it for your personal use only after you have transaction rights. To get transaction rights, the completion of your property is requied and the completion certificate should be deposited to the bank.

    Thanks

    Ashal

    1. gondpk says:

      Thanks Ashal. That answers my queries.

      Praveen

  2. gondpk says:

    Read last line as :
    Will the bank deposit “this 2.75 L” into my savings account?

  3. ashalanshu says:

    Dear Praveen, OK, I got your query. Well the unused 2.75L Rs. ‘ll remain as it is in your Max Gain account. it ‘ll help you to save the interest outgo.

    thanks

    Ashal

    1. gondpk says:

      Ok thanks, can I withdraw that if needed for personal use?

  4. ashalanshu says:

    Dear Gond, By first installment, what do you mean? Are you referring to EMI – Equated Monthly Installment?

    thanks

    Ashal

    1. gondpk says:

      First installment to the builder.

      My loan is not sanctioned and 1st payment of 2.75 lacs to builder is due in 3 days. Now this 1st payment I pay from my savings and once the loan is sanctioned, it will be done for full amount (35 lacs). So that 2.75 lacs which I paid to builder, will be unused in my loan. Will the bank deposit in to my savings account?

      (Hope I am clear enough this time 🙂 )

      –Praveen

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