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POSTED BY ON November 7, 2012 1:56 pm COMMENTS (2)
I have some queries for max gain HL. We have been sanctioned max gain loan of 27lacs for 20yrs with insurance from SBI.
Till now we have taken only one cheque of Rs.12,74,000 from bank out of 27lacs, as till now only that much amount was asked by builder. Our buiding is under construction and we have also started paying our EMI as soon as the loan was started i.e. from May 2012.
Meanwhile we were able to arrange some money so thought of paying home loan back. I asked branch Home loan manager about the same and she at that time she said its fine to repay as there is no penalty for repayment of loan now.
So we repayed almost 7 lacs of loan except emi out of Rs. 12,74,000 which we took till date. For repayment we did put money in our savings a/c through which our emi goes for home loan and then transfered that money from that a/c to loan a/c through netbanking.
Now when I asked same home loan manager lady yesterday she said you are not supposed to repay your loan for maxgain untill you have your all disbursements (????). This will cause lot of calculation for RACPC and might be some penalty. I am really confused.
As When I check my home loan account Online it does show correct outstanding for me after deducting all my repayments and EMI i.e. 343000 as of today.
So request you to pls clear the things for me. Will there be penalty and if yes how much? also can I still go ahead continue putting money in my maxgain account to reduce my outstanding?
I also heard I will be able to withdraw money from max gain a/c whatever I have paid except EMI, in my case 7lacs. Is that correct??
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Dear Aarti, please try to understand, you can prepay as much amount as you like into Max Gain but here the prepayment is different from other loan accounts. Whatever amount you prepay ‘ll be deposited into your Max Gain OD account & accordingly your loan outstanding ‘ll come down for the calculation of interest but in actual the loan ‘ll not come down as the money parked by you is flaoting money & you can withdraw it as & when you feel so.
In your case as the building is under construction, you can not withdraw from Max Gain account. You can only deposit. Once your full & final disbursal is done, you can ask for transaction rights for your OD acct & you can withdraw also.
Please be assure that there is no penalty to prepay in to OD acct.
Thanks
Ashal
I think the bank lady was daydreaming.
1. You can not pre-pay the laon until the complete loan is disbursed by bank.
2. If you dont need further disbursement then please give a written letter to the bank and they will stop the disbursement. I think after that you can pre-pay your home loan.
3. Yest you will be able to withdraw that money from you loan account. Also its neceassary as you are not getting any interest on that amount.
4. You put money in your Max-gain to reduce your interest and no the outstading. If you put the complete outstanding still they will deduct EMI (zero interest component & only pricipal) from your saving amount. Actually once you put all the outstading you need to request bank to close your loan so that you dont have to pay EMI.
5. Please read in detail about SBI max gain:)