SBI MaxGain – No principle repaid if account in credit balance ?

POSTED BY nsabhyankar ON January 22, 2014 6:20 pm ONE COMMENT

I have a MaxGain home loan account. I have deposited surplus cash equal to the outstanding balance. As a result, no interest was deducted for the current FY 2013-14. However, the EMI was transferred from my salary A\C in another bank to MaxGain A\C. I have also made a partial prepayment in December. There is a corresponding reduction in the drawing power.

However, when I requested for an interest certificate for this FY, I was told that I won’t get any! The reason being, there is no interest and principle ’involved’ since the AC has credit balance.

I can understand the interest part but what about the principle? Isn’t there any repayment of the principle from the regular EMI and the partial prepayment? I should a certificate mentioning the principle, right?

One reply on this article “SBI MaxGain – No principle repaid if account in credit balance ?”

  1. ashalanshu says:

    Dear Nsabhayankar, the problem lies in the fact that you demanded Interest certificate. As the interest is zero, no certificate is there. Please ask principal repayment certificate and SBI ‘ll provide one for you. 🙂

    Thanks

    Ashal

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