Hi, I’m planning on taking a home loan of 17L with SBI for 10 yrs(so the rate works out to 9.95%). I am going for the MAXGain feature too.
Now the question is that, after one month of the transaction, it might happen that i have one lakh surplus fund leftover, so the question is that should i use it to prepay the loan or park it in maxgain for future use. I do understand how maxgain works but what i am asking is that this early into the loan which would be better….prepaying the loan and as a result lesseining the duration or parking it in maxgain for future use….which will be benificial, financially speaking…
Also, I tried searching for a calculator to find out how much duration will be lessened if i prepay….could not find anything proper….please suggest some if any of you knows any
And also, i’ve heard that SBI does not give home loans for buildings older than 15yrs…..is that true ?? (I had forgotten to ask this when i had gone for inquiry)