POSTED BY February 2, 2014 5:24 pm COMMENTS (3)ON
SBI Max Gain user are allow to switch one time interest rate while this is liable of .59% on Limit/Drawing Power. Today Interest rate applicable for me is 11.75% where currently bank is offering at 10.15%.
My current Drawing Power is: 22L where have book balance of 6.8L. I might required 6.5L while taking position of apartment to pay towards Registration & Builder. I’m expecting apartment to be available in another three months but not early.
Other options is to wait for position & apply for reducing Limit/Drawing Power (reduction is not possible for under construction property). Then apply for the interest rate reduction/switch.
Can someone suggest what should I do? And how to calculate the reduction rate to know for each interest rate to know I’m gaining/losing the money.