SBI Maxgain – Please help me understand my statement

POSTED BY thizhari ON January 3, 2014 5:40 pm COMMENTS (8)

Hi, This is my first loan and i took the home loan from SBI maxgain.

Loan amount 30 lakhs

Interest Rate 10.30

Tenure 10 years

Loan disbursed full amount – Nov 19th. Emi date 10th of every month.Nov 19 – Debit 30,000,000

Nov 30 – Debit Interest 10,159

Dec 11 – EMI Credit 39,812   (actually at time of loan application interest was 10.10 and hence EMI was calculated at that rate…but now the rate is 10.30 which means EMI should have been higher but it was not changed)

Dec 31 – Debit Interest – 26,097

This is my statement so far. Can some one please explain me these transactions.

Normal Term loan – I understand you pay EMI – certain portion is interest and remaining Principal. Here how do i know how much of my principal is being reduced ?

I asked for Amortization schedule and bank said it doesnt exist for Maxgain. The regular Amortization schedule is for Term loan. I am confused. Please take some time and explain in detail.



8 replies on this article “SBI Maxgain – Please help me understand my statement”

  1. Amol says:

    Even I am facing this issue. Can someone explain what ‘99999 TO INTEREST SYSTEM GENERATED TXN’ exactly means? As my EMI is getting credited to my account and again are they debiting interest from this account?

    1. Hi Amol

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that


  2. ashalanshu says:

    Dear Thizhari, book balance = drawing power – available balance

    The amount parked by you ‘ll help you to cut back your interest outgo. Being OD account linked home loan, you have the liquidity to use this amount on a later date, hence it ‘ll not be adjusted permanently towards your home loan, as it happens in normal term loan but there you can not pull out this amount again as per your choice.



  3. thizhari says:

    Ashal, Thank you for the explanation. What is Book Balance ?

    Now that i deposited 1,20,000/- into my OD account. Is it not reduced from my outstanding loan ?

  4. ashalanshu says:

    Dear Thizari, the reduction in drawing power from 30L to 2981865 Rs. is your repaid principal amount till date. Which is around 18135 Rs.

    The debit interest entries on 30th Nov and 31st Dec. is the total interest paid by you till date. So it’s 31K Rs.



  5. ashalanshu says:

    Dear Thizari, being an overdraft account, the interest is charged only on the last day of the month. So for Nov you paid interest for 12 days from 19th to 30th Nov on last day of Nov. In Dec, you paid interest from 1st to 31st Dec on last day of Dec. In future the interest rate ‘ll come down, hence there is no change in your EMI amount as of now.



    1. thizhari says:

      Ashal, Thanks for the response.

      Here is my latest status i see on my account

      Nov 30 – Debit Interest – 10k (Nov 19 – Nov 30)
      Dec 11th – EMI Credit – 39k
      Dec 31th – Debit Interest 21k. (Dec 1 – Dec 31)
      Jan 2 – Credit 20k to OD account ( I deposited 20k)
      Jan 7 – Credit 1 lakh to OD account ( I deposited 100k)
      Jan 11 – Emi Credit – 39 k

      If i have to understand – How much principal i paid and How much interest i paid so far. What will it be ? I am really confused.

      Description SBI SURAKSHIT HL MAXGN (OCT13)
      Book Balance -28,36,632.00
      Available Balance 1,45,233.00
      Limit 29,81,865.00
      Uncleared balance 0.00
      Drawing Power 29,81,865.00
      Currency INR
      Rate of Interest (% p.a.) 10.3%
      Lien Amount 0.00

  6. thizhari says:

    Can some one please expalin

    Book Balance -29,76,444.00
    Limit 29,81,865.00
    Uncleared balance 0.00
    Drawing Power 29,81,865.00
    Currency INR
    Rate of Interest (% p.a.) 10.3%

    Question i have is – There is interest debited every month (End of the month)…then EMI on 11th of each month. As i understand, EMI contains portion of interest and there is a seperate interest being debited end of month.

    I know i am missing something but experts can you please explain how this works.

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