SBI Max Gain Home Loan queries

POSTED BY Madhan ON December 31, 2012 6:52 pm COMMENTS (2)

Hi,

I have taken home loan of 29Laks under SBI Max gain. I am paying EMI Rs.28954 at 10.5% ROI for 20 years. Now SBI has cut down the interest rate to 10.25%. Will there be any change in the EMI? My account is still debited Rs.28954. In such case, will the number of months get reduced? How can i track these. I could not see the complete details in SBI Max Gain OD account. There is some technical errors due to which it says ‘you do not hold any housing loan accounts’.

Pls. explain why i am paying same EMI even the interest rate is cut-down.

2 replies on this article “SBI Max Gain Home Loan queries”

  1. Dear madhan, please relax, your accout is ok. The good thing is after reduction in your ROI & keeping your EMI same, your actual loan ‘ll be over early. To know the exact term say 19Y or 18Y 7 months …….. Please contact your SBI branch.

    Thanks

    Ashal

  2. Credexpert says:

    Dear Madhan,

    The interest rates charged on loans can be either fixed, variable or semi – variable. Typically, under fixed rate, the interest rates do not change and remains locked and therefore there will be no change in your EMI.

    We would recommend you to go through your home loan agreement and check if you have availed the home loan under fixed interest rate.

    And if in case, it is on variable interest rates then check if the downward movement in the interest rates is applicable to past loans as well.

    About the technical error, inform the bank about the same and get it rectified as having a true picture of your credit is always beneficial.

    Regards,
    Credexpert

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