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POSTED BY ON November 1, 2012 1:03 pm COMMENTS (8)
Hi All,
Firstly I would like to thank everyone here for sharing their knowledge which has helped me get better control on my financials.Manish has done great job in the making….kudos..
Please help me with few doubts on maxgain.
I have taken a home loan of 19,88,000 (30 yrs) from SBI under SBI Maxgain. Following 3 accounts have been added in my online banking
1. OD A/C (Transaction Account)
Book Balance: 19,88,000
Available Balance:0
Limit: 19,88,000
Drawing Power: 19,88,000
2. SBI Suraksha A/C (Loan Account under branch RACPC)
Limit:0
Drawing Power:0
Outstanding:0
ROI: 10%
3. SBI Suraksha (Loan Account under my home branch)
Limit:73,715
Drawing Power:14,743
Outstanding:14,743
ROI: 10%
Apart from these accounts I have my normal savings account.Please help me under stand
a) difference between account 2 and 3?
b) how can I transfer my savings A/c money to OD A/c so I can save interest on maxgain product?
c) will the amount i transfer from savings to OD be available to me in case I need it?
d) what is the best way i can manage my A/c to get maximum savings out of maxgain?
Now today first installment of 17,447 have been transfered from savings to OD and 28 to SBI Suraksha A/c. The A/c looks like
1. OD A/C (Transaction Account)
Book Balance: 19,79,812
Available Balance:8,188
Limit: 19,88,000
Drawing Power: 19,88,000
2. No change
3. SBI Suraksha (Loan Account under my home branch)
Limit:73,715
Drawing Power:14,771
Outstanding:14,743
ROI: 10%
Please let me know if the Available Balance in my OD a/c signifies my principal paid or not. and how is rs 28 caclulated for SBI suraksha.
—
Regards,
Lokesh
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Hi Ashal,
Thank you for your response. Can you help me understand few more things:
how would i transfer from OD/SBI Suraksha to saving a/c, if i require later ?
does the available balance in my OD a/c signifies my principal paid ? If yes, the figure doesnt matches according to SBI maxgain calc.
Lokesh
Dear Lokesh, I’m sorry for late reply. I did not get the reply mail in my mailboz against your post.
Here is my answer for you.
To be able to transfer back from MG to SB acct. you should have transaction rights activated by your branch manager. Please ask for the same if not activated already.
the available balance in your account is the surplus amount which you can withdraw in case of need.
Thanks
Ashal
Dear Ravi, please try to understand, Max Gain is an OD linked home loan product hence prepaying here means a little different than ordinary loan. Whatever amount you are parking into max gain, it’s helping you to bring down your interest outgo but Principal part of your EMI remains same. So you are not repaying loan early. You are repaying only less as interest outgo is lower.
What is happening to excess interest part of your EMI, you ‘ll ask? my dear friend, it’s available as surplus amount into your max gain. This you can check after deduction of interest at the end of any month.
Please feel free to disucss if you feel so.
Thanks
Ashal
Dear Lokesh, from whatever info you have provided, it seems that Acct. no. 2 is first opened & later on closed by SBI RACPC people for that SBI Suraksha policy. So ignore that account.
Regarding the 28 Rs. figure, it has been calculated after the basic EMi calculation for home loan of 1988000 Rs.
In my opinion, if you do have money, please park those 75K+ amount into SBI Suraksha acct. to save on interest outgo.
Please feel free to ask if you need any more clarifications.
Thanks
Ashal
Hi Ashal,
I (an NRI) have SBI home load (OD account) and the loan scheme is under SBI MY HOME CAMPAIGN granted in 2010 Feb. I’m currently under 8.5% interest and 3 years after that (which is in 2013) it will change to some x% below the Base rate. Now my question is, I was able to save about 23 lakhs and deposit that amount in the OD account. Before depositing any money my EMI on 20th of every month used to be 39840 INR BUT even after depositing 23 odd lakhs, this month today (20th Nov), EMI cut was same as before i.e., 39840. The amount (23 lakhs) was deposited by Oct 20th 2012, so SBI had 1 full month of 23 lakhs available.
My questions:
1. Why is my EMI same as previous even after depositing 23 lakhs? (Current EMI is 39840 and the interest component of this EMI is around 24000 INR and principal repayment is 15840 INR)
2. After the deposit of 23 lakhs, If the EMI remains same but the interest component will decrease (Current EMI is 39840 and the interest component of this EMI is around 10000 INR and principal repayment is 30000 INR) – THEN will I be replaying the loan early? As the outstanding loan will will 35 lakhs-23lakhs = 12 lakhs and every month 30000 goes towards principle and in 4 years I would have paid the principal after 4 years, do I still need to pay EMI?
Further details:
Book balance: 1095149
Available balance: 2406668
Limit: 3501817
Drawing power: 3501817
Many thanks for your time.
Hi Manish/Ashal..Can you please help me on my query…If anybody has any clue abt this, let me know pls..
Thanks Manish,
I have already gone through those atricles and discussion. I just have confusion how installment is being deducted and regarding sbi suraksha…
I”ll wait for reply here and try to figure out..
Lokesh
Ashal might take some time to reply here in few days . But before that , have you checked other threads already having discussion on SBI Maxgain ? LInks like
http://localhost/jagoforum2/sbi-maxgain-loan/4837/
http://localhost/jagoforum2/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account/2635/