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