POSTED BY October 29, 2012 1:15 pm COMMENTS (10)

ONHi ,

I have a SBI maxgain account for my home loan for my RTM property .I have taken a loan of 30 Lacs for 20 years.

As of know taking the consideration the EMI would be 31000 the interest portion was 27000 and 4000 principal.(all values are round-off)

Every month i deposit some amount to my maxgain account as a result the “debit interest” amount has come down .Taking an example that initially my interest portion was around Rs.27000 but know my interest portion has come down to Rs.22000 (this i am seeing via netbanking).

1. Also another query is that how is it possible to know the total principal paid till date for my home loan(apart from interest certificate which i would be getting at the end of year)?

2. Initially the “Limit” and “Drawing Power” field in my Maxgain account was around 30,34,000(this is when my loan got started) but now 30,11,787.Upon analysis i found out that every month this amount reduces by Rs. 4000.(this seems to be the principal portion calculated initially but not sure)

Should it not reduced by the principal amount which i am paying every month.Since every month i deposit some amount in maxgain. The month in which the debit interest was 22000 the principal portion would be 9000(31000(EMI)-22000(Interest) so should these values not change accourding to my logic?

Please reply as it would clear all the confusions.Thanks.

Dear Sumant, as you applied for a 30L Rs. loan + 61K ins. prem. your DP should be 30.61L Rs. As your DP was 30.34L Rs. there is something missing which only SBI people can answer.

The reduction in DP from 30.34 to 30.11L or lower is right as per your loan a,ortization schedule.

Please contact your SBI branch for this missing thing

Thanks

Ashal

Dear Sumant, then where is the 12343*4 = 49132 Rs.

Thanks

Ashal

The rest of the amount Rs 49132 would be deducted in next 4years (i.e Rs 12343 per annum) as an insurance amount.Since i have not taken the policy i think it would not be deducted. i am confused that what will happen as the sanctioned amount was Rs 30,61,715 ( Rs 61,715 as an insurance amount) and i got the loan disbursed for 30 lacs.

Dear Sumant, you said, insurance prem. was 61715 & was paid only 12343, so where is the remaining money my dear friend?

Thanks

Ashal

Dear Ashal,

Rs.61715 was the insurance amount for 5years so for the first year the insurance amount

came to be (61715/5 = Rs 12343)

Regards

Sumant

Dear Sumant, had you avail 30.61 or 30.34L Rs. Loan actually.?

Thanks

ASHAL

Hi Ashal,

My sanctioned loan was: Rs. 30,61,715 in which Rs. 61,715 was the insurance amount for 5 years.Rest 30 Lacs was the amount i have given to builder.

On 28 March 2012 my cheque of 30 lacs was disbursed.

On 4 April 2012 Rs 12,343 insurance amount was deducted.

But due to some issues in the insurance policy dispatch i had to cancel my insurance policy.As a result on 15 May 2012 Rs 12,343 was credited back to my account.

(The policy is cancelled,is there any issue?).

Now i have an account statement (hard copy which i got in april when i visited the branch)of April 2012 month in which following are the values:

Drawing power:30,34,895

Limit values :30,34,895

The Current values of these field(29 Jan 2013) are:

Drawing power:30,00,326

Limit values :30,00326

Every month these values decrease by aprrox Rs 4000(which is actuallly the principal part)

My Emi amount is 30,568(Calculated on my sanctioned limit).

The question comes that how is the value of Drawing power & limit is calculated.

In the month of april how is the value 30,34,895 calculated should it not be 30,00,000?

Is there any issue if i have not taken the insurance?Should i re-apply?

Thanks for your support

Regards

Sumant

Dear Tnamus12, the difference in your original drawing power & current rawing power is the principal amount repaid by you till date.

The excess interest of EMI which is not deducted due to your surplus parking is available as surplus amount into your Max Gain OD acct. itself. in your example, against 27000 Rs. only 22000 Rs. interest is being deducted so this 5000 Rs. figure is available as surplus into your OD acct.

Thanks

Ashal

Thanks Ashal,you have been a pillar of this forum providing very useful inputs.

As per the above query my disbursed loan was 30 lacs for 20 years . My sanctioned loan was Rs. 30,61,000 .

Could you please tell me how the calculation of “Drawing power” and “Limit” was calculated initially ? (the value of these fields was 30,34,000 initally and it keeps on decreases every month which signifies the amount the principal amount paid)?

looking forward for your response

I can see few threads where they were discussing drawing power thing

http://localhost/jagoforum2/jargons-in-loan-account-how-much-loan-amount-i-still-owe-to-bank/4462/

http://localhost/jagoforum2/confusion-with-sbi-max-gain-home-loan/3668/

Manish