SBI Maxgain | Internet Banking | Transactions

POSTED BY [email protected] ON July 16, 2013 1:02 pm COMMENTS (5)

HI,
I’ve availed SBI Maxgain home loan and have been getting the disbursement done partially as property is still under construction and my payment plan is construction linked. I’ve access to internet banking on my loan account and unable to transfer money to to other accounts. As i read in forum that i’ll not be allowed to withdraw money from loan account (but i can deposit) unless disbursement is fully done, i want to understand the reasoning behind this why bank doesn’t allow that?
I spoke to SBI people in the branch but they were even not aware if net banking is available for load account.
One of my known, is in same situation but he’s allowed to make transactions online even his loan is not fully disbursed, i think he’s mistakenly given these rights by unaware baker behind the counter :). Just want to understand, what kind of complications will be there future if he keeps on transacting even before getting the full loan amount disbursed?

Thanks
SS

5 replies on this article “SBI Maxgain | Internet Banking | Transactions”

  1. [email protected] says:
    July 18, 2013 at 9:40 am

    Hi Ashal,
    Thanks for the response, your explanation above seems logical, bank wants to control the outflow of money, as the purpose of loan is to pay for home rather other expenses. I think they must introduce some kind of control (by applying withdrawal limit until full disbursement is done) otherwise purpose of having OD account gets diminished.

    I know you have been helping people by responding to their queries on different topics including max gain, I’ve read multiple threads where you have responded and found all the responses clear & detailed. All the knowledge i acquired about max gain is from your blogs and responses only.

    A BIGTHANK YOU for that!!!

    Thanks
    SS

    Reply
  2. Ashal Jauhari says:
    July 18, 2013 at 4:30 am

    Dear SS, your friend has got it accidently (transaction rights). The reason, bank does not allow before final disbursal is to make sure that money is not used by you for any other purpose than home loan. if you do have transaction rights, you may withdraw money during partial disbursal stage & may end up having no money in loan account to pay to builder.

    This is the basic reason, Transaction rightsn are not activated during disbursal stage.

    Thanks

    Ashal

    Reply
  3. Credexpert says:
    July 17, 2013 at 7:35 pm

    Dear SS,

    Since the loan is structured such that you cannot withdraw parked surplus before the full disbursement, we would not be able to comment on the complications/penalties involved, if any.

    Regards,
    Credexpert

    Reply
  4. [email protected] says:
    July 17, 2013 at 4:43 pm

    Thanks for the response Credexpert, i understand that it’s a restriction in form of feature, bank must be gaining something out of this. But as i mentioned my friend is in same situation but has been allowed transactions (Withdrawals & Deposits) it would be helpful if to know there are any known complications/penalties if withdrawals are done on that account?
    Thanks
    SS

    Reply
  5. Credexpert says:
    July 17, 2013 at 3:42 pm

    Dear SS,

    In SBI Maxgain you can park surplus funds during the under construction phase but do remember that the bank is disbursing partially at this juncture & in case due to any emergency you want to withdraw the surplus, the bank would not allow for the same.

    You can withdraw money only after the final disbursement is done. This is the feature of SBI Maxgain loan account.

    Regards,
    Credexpert

    Reply

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