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POSTED BY ON April 26, 2012 9:33 pm COMMENTS (2)
Hello Experts,
I have just taken a housing loan of Rs. 40 L under Max Gain house loan scheme from SBI on a resale under construction property and have got two primary questions
1) I bought the under construction flat for Rs. 57 Lac that includes the premium but bank considered the cost as per the initial rate at which the owner bought it i.e. at Rs. 51.4 lac. Bank has sanctioned a loan of Rs. 40 L on this and expects me to pay the rest i.e. Rs. 11.4 lac from my pocket. The problem is that if I pay to the owner the premium plus some extra money i’ll be in a deficit of Rs. 4 L that needs to be paid to the owner
My question is that somebody told me that bank will not be disbursing the amount that is yet to be demanded by the builder i.e. around 14 L and if it does happen i’m in a trouble. Is there any way I can ask the Bank to disburse 30L of the total sanctioned loan and later I contribute in the demand whatever is there from the builder i.e. Bank can retain 10L of the sanctioned amount now instead of 14L that builder is yet to demand.
2) My ECS they have set is about Rs. 38000 p.m that starts after 18 months and now I want to know that what would be the EMI now if I take out 30 L from the OD account and what happens if I put some money in the OD account each month or whenever I have some money in hand. If I contribute some amount then my EMI (Interest) uptil 18 months and then EMI after 18 months would get lesser or remain same.
I would like my EMIs to go down instead of other things going down like repayment time etc.
I’ll really appreciate expert comments on my queries.
Cheers !
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Dear Lalit, as of now the prev. owner’s ownership should be closed by payment to him from you. Till it’s not happening, practically bank ‘ll not act. So you have to arrange from your own for that short fall of 4L Rs.
For better understanding of SBI Maxgain product, please read some prev. discussion in the forum.
If you are still in doubt, please post your query here itself & I ‘ll try to answer it.
Disclosure – I’m also running a SBI max Gain home loan for myself.
Thanks
Ashal
EMI will be constant (it can be reduce but then you have to submit written application for that to bank manager). Lets assume your EMI is constant for now.
Interest rate whatever it may be will be charged only on total outstanding amount which in your case is 30 lacs.
If you repay say 10 lacs, then your will be charged interest on 20 lacs. But EMI will be constant. So in this case the principal component in the EMI will be more and your loan will get closed early.
As per SBI loan agreement you can eligible to withdraw (demand) amount till full strength which in your case is 40 lacs.
Every bank calculate interest on “per day outstanding amount” basis and sum up all these amounts and add to your loan amount at the month end.
So the interest amount that gets added every month varies with days in that month and outstanding amount in that month.
Hope this clarifies your second part of question.