SBI Max gain query

POSTED BY Karthikeyan Subramanian ON July 3, 2013 4:06 pm COMMENTS (2)

Hi Ashal

I have a home loan from SBI Maxgain for 29L.

5th June 2013 – 20L was disbursed to the builder

Book Balance – (-2000000)

Available Balance – 900000

7th June 2013 – Deposited Rs 1000 to OD account

Book Balance – (-1999000)

Available Balance – 901000

30th June 2013 – Rs 14619 got debited from the OD account as Debit interest ( 5th June to 30th June) This amount was deducted from Availbale balance and added to Book balance

Book Balance – (-2013169)

Available Balance – 886831

My EMI date is 5th July 2013. I would like to know whether the interest for the period 1st July to 5th July 2013 will be calculated on the new Book balance (-2013169).

How to avoid this interest on the interest, if this is the process followed for the calculation

 

 

 

2 replies on this article “SBI Max gain query”

  1. Karthikeyan Subramanian says:

    Thanks for the reply, Ashal

  2. Dear Karthikeyan, please deposit the amount equal to the debited interest now to save on Interest on interest. I.e. bring down your book balance from -2013169 to -2000000.

    Thanks

    Ashal

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