POSTED BY March 18, 2013 1:02 pm COMMENTS (22)

ONDear MAnish/Ashal,

Once again I’m asking for Maxgain querries.I know and gone through the long and good replies given by you on various queeries on same subject.But still I don’t understand same to full.It will be very helpful if you make me clear.

I ahve taken a load of 20.4 Lacs and including Rin raksha the amount ends to 20.89 lacs for 20years tenure and EMI of Rs20,300

My queery is as follows:

1) After my loan got sanctioned there were two types on account in theSBI bank

a) SBI SURAKSHIT HL MAXGN AUG 12 (which is in name of both myself and intrim guarntor)

b) MAXGAIN SURAKSHA (In my name only)

i dont understnad how these two account will work when i pay the loan? Cna anyone explain with simple example if possible? Why SBI surakshit accound has also the name of intrim guarntor in it?

2) I want to use MAxgain facility upto its full.But i have only part knowledge of same.Like i know i can park my surplus amount in the OD account of maxgain which will reduce the intrest out-go but principal amount will remain same,EMI will also remain same.But i dont understand that how much intrest will overall comedown .for e.g my EMI of Rs 20,300 is just started .I have parked surplus 1lacs in OD account which i will make it permanent in additio nto EMI’s and will not withdraw it then how much overall i will benifited by this.

Thanks for the cooperation

I have some doubts on home loan repayment..

1) For our gain/advantage, which date can we choose for monthly EMI payment ?

2) I got SBI Surakshit Home loan. Whether Surakshit HL scheme is good or can we migrate to any other scheme to get any advantages? If so, please tell me the scheme name with advantage points…

Any date after your salary comes is fine

Now as you have bought it, how will it matter?

Ok sir… To get any advantages, shall i migrate any other SBI HL PRODUCT other than SBI Surakshit HL?

No , get out of this .. and buy a term plan and mutual funds . If you need help of our team , let us know

Dear Arun, yes you can park more than loan amount into your MG account but do remember, you ‘ll not earn any extra income/interest on the extra 1L Rs. parked by you.

thanks

Ashal

Dear Arun, you already parked 17K amount for interest through your EMI to be paid on the last day of the month but due to surplus parking of 1L Rs. debited amount is 16K only, hence the remaining 829 Rs. ‘ll remain there in MG acct. as it is. Now for Next month’s calculation, the available surplus ‘ll be 100829 Rs. if you are not withdrawing any amount in between.

Thanks

Ashal

Hi Ashal ,

As per your reply above “for next month, your surplus balabce ‘ll be 100829 Rs. & accordingly you ‘ll save interest more & that’s how months after months your interest benefit ‘ll keep on incrasing.”..

Q1. Will 100829 or 100000 be used for next month interest calculation if the excess money is not withdrawn..i.e whether interest credited to OD a/c is cumulative ??

Q2. Can i park money in OD a/c more than loan amount.. say for 10L loan can we park 11L from first month itself?

Dear Vipin, the interest ‘ll be charged only on 5L Rs. as of now, the withdraw amount.

As your loan is not fuly disbursed, please do not park your regular salary as you ‘ll not be able to withdraw it. Please park only that surplus amount which you may not need in between till completion of your house & getting possession.

Thanks

Ashal

Dear Jhonty, no the total EMI ‘ll not be adjusted towards Principal. Only the basic principal as per your loan amortization schedule ‘ll be adjusted. the interest part of your EMI ‘ll be available to you as surplus just like our prev. calculated surplus of 829 Rs. from interest.

thanks

Ashal

Dear Ashal,

Thankyou for helping me.

I understand your answer like there will be no interest if i pay total interest in one go as surplus in MG account and amount of balance EMI (which will remain constant) will go as a whole portion to principal amount only .Right??.Only interest will be added if I withdraw this amount from OD account.

Apart form the facility of withdrawing surplus amount , what is the difference if i deposit surplus amount in OD account or repay the loan in Loan account permanently?Which is the good option?

Dear Johnty, Yes is the answer but what ‘lll happen to EMI, it ‘ll continue as it is. The principal adjustment ‘ll be done as per normal loan schedule. The only special thing ‘ll happen towards Interest. The interest part of your EMI ‘ll remain as surplus into your MG acct. as no interest is to be charged. So no interest, means freedom from worry. Now as the interest outgo is zero, please do tell me, does it really matter to you that loan is running for next 3Y or next 30Y?

Thanks

Ashal

Dear Ashal,

If i pay my total outstanding loan then no interest amount will remain to pay. Is it???

Dear Jhonty, please read again my prev. query to you. If the parked surplus amount is equal to availed loan amount or outstanding loan balance, what ‘ll be the mly interest deduction. For example in our prev. calculation doe to 1L surplus parking, the interest was 16K.

thanks

Ashal

Dear Ashal,

i think rate of intrest will remain same.However,tenure will come down in respect of my repay of 20.89lacs!!!

Thanks

Dear Jhonty, instead of answering your question directly, I want to ask you to answer a simple question. if you do have 20.89L Rs. today & park the same into Max Gain, how much interest w’d be charged from you on mly basis?

Thanks

Ashal

Dear Ashal,

Thanks for your best explanation.

Further if i park 1 lac surplus in OD on permanent basis or 1 lac surplus as a permanent prepay then what will be the difference? only that in OD i will have facility to withdraw ,else all things will remain as above mentioned by you??? if there is diffference then which will be good option if i don’t want to withdraw the amount??

In above amount i.e,100829 as surplus in next month, does it mean the effect will be like overall tenure will come down due to this as such EMI will remain constant??? Is my understanding right..And this surplus amount will be deposited in loan account at the end of year???

Thanks

Dear jhonty, Now you can look yourself that what ‘ll be the benefit of parking 1L Rs. surplus in the first month itself for the interest pay out. Now what ‘ll hapen for 2nd month?

Actual deducted interest for 19.89L Rs. = 16492

Saving in interest outgo = 17321-16492 = 829 Rs.

for next month, your surplus balabce ‘ll be 100829 Rs. & accordingly you ‘ll save interest more & that’s how months after months your interest benefit ‘ll keep on incrasing.

Thanks

Ashal

For 20.89 lacs ,my intrest will be = Re 17321.3 /month

For Rs19.89 lacs,my intrest will be = Rs16492.1/month

Dear Jhonty, now do tell me the interest @ 9.95% for a month for the basic loan amount of 20.89L Rs. & for a reduced loan amount of 19.89L Rs. if we assume you have parked 1L Rs. as surplus.

I’ll wait for your calculations.

Thanks

Ashal

Dear Ashal,

My ROI is 9.95 %.

regards,

Kinjal Dave

Dear Jhonty, what’s the ROI you are paying as of now? The single name account is your rinraksha policy account where as the joint name account is your actual max gain account.

Thanks

Ashal

Dear Ashal,

I am holding a MAX Gain home loan(flat under construction) of 22lac,in which i have withdrawed 5lac.I have opted pre-EMI option.

Please clarify me the below queries.

1. I am having Salary Account in SBI,Can i transfer the salary to Max Gain Account and withdraw the amount from Max gain account when required?

2. My intrest will be calculated for only 5 lac or will it be calculated for 22lac?

Thanks in advance,

Vipin K