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POSTED BY ON January 18, 2013 11:26 am COMMENTS (3)
I have some queries regarding SBI maxgain home loan:
1. I had taken home loan in 2009 at 8% interest. Curretly the floating for SBI home loan is 10%, but my ROI is showing as 12.5%.
2. I understand that if we add surplus amount in SBI max gain account, the interest will be charged less but suppose due to some XYZ reason I am not abto to add surplus amount. Due to this my Book Balance (eg. -16,23,000) has become more than Drawing Power/Limit (eg.16,20,000) and get messages from SBI in the first week of every month that my acc. is irregular by xyz amount. Please let me know if is a mandate to have surplus amt in MG account?
TIA
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Dear Anuradha,
If the current floating interest rate is 10% then, the same should be charged to you.
The Book Balance has become more than the Drawing Power / Limit as you are not making regular payments and has resulted in an irregular amount of XYZ in your account. Regularize your payments, the consequence of which will be that the irregular amount of XYZ will gradually come down and become equal to the Drawing Power / Limit.
Also the facility to park surplus in the SBI Max gain loan is not mandatory.
Regards,
Credexpert
I get SMS from SBI that my loan account xxxxx is irregular by xxx amount. Is it because of difference in Drawing power and outstanding amount?
How can I regularize it ?
Dear Anuradha, this is happening due to the fact that EMI is old one & ROI is new one.
First of all, please contact SBI & reduce your ROI to the current ROI of 10% or 10.15%, whichever is applicable to you. After that, increase your EMI a bit.
To park surplus is a facility & not a mandatory thing.
if you ‘ll park, you ‘lll get the benefit of lower interest outgo, if not, normal interest ‘ll be charged. Tthat’s it.
Thanks
Ashal