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POSTED BY ON October 12, 2013 7:15 am COMMENTS (13)
Dear Ashal
I have taken 1800000 max gain home loan in pune on 30/09/2013 for 18 yrs tenure @ 10.05 % int. rate and emi will be 18202 pm . I have recd on excel from my HLC where it shows tenure of loan gets reduced according to amonunt you keep in max gain account. But your answer to one of the member says that neither tenure reduce nor emi. kindly advice on the same
regards
milind saraf
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Dear Milind, the 18202 Rs. EMI amount is for 197 months. Hence for remaining 18 months of Moratorium period, you w’d pay only interest. So 197+18 = 215 months
Thanks
Ashal
Dear Ashal
I got sbi maxgain home loan sanctoned on 01/10/2013, the details are as below
HOME LOAN AMOUNT – 1753000
EMI Rs. 18202/PM
TENURE 215 MONTHS i.e. 17years and 11 months
MORATORIUM PERIOD 18 MONTHS FROM 01/11/2013, MY FULL EMI OF Rs. 18202 WILL START FROM 01/04/2015
My question is that whether these 18 months are included in tenure of 215 months and if so dose it mean that my emi will increase as i will get only 215-18=197 months ?
I have asked the same question to SBI official , but they said even after 18 months EMI will be same as Rs. 18202/- subject to there is no change in int. rate.
Dear Ashal can u clarify the same.
regards
miind
Deaer Milind, I wish the same to you and your family.
Thanks
Ashal
Dear Milind, in that case, you should contact your loan serving branch at that time and they ‘ll do the needful work to preclose the loan. Personally I’m unable to understand the logic of loan closure if interest outgo is zero.
Thanks
Ashal
dear ashal
thanks , i will once again go thr your max gain article to understand it better.
once again many thanks
Wish u very happy diwali in advance
regards
milind
dear ashal
yes i understand if my parked amount after 5-7 years is equal to laon outstanding at that time int outgo will zero , but i want to preclose the principal amount at that time (ie after 5-7 years) .
regards
milind
Dear Milind, I’m already helping you to understand the benefit of Max Gain. Now from my above 0% ROI, please do answer, if after 5-7Y, your parked amount is equal to loan outstanding at that time, what ‘ll be the intetrest outgo?
It ‘ll be zero. As interest outgo is zero, it means loan to you is at 0% ROI. W;’d you still ask to close your loan? Please think over it and answer.
Thanks
Ashal
Dear Milind, my question is simple, If I offer you a home loan @ 0% ROI, w’d you still close in 5-7 years or run it for 20Y full term?
Thanks
Ashal
dear ashal
surely i will not close the loan having 0% roi, but sbi home loan is not 0%, please guide me in simple language as it is understanding max gain is bit difficult.
regards
milind
Dear Milind, just for a moment, imagine, your home loan is available @ 0% ROI, w’d you still close it early?
if your sanction order says that your loan is valid for 6months from the date of sanction and you have already entered into loan agreement, you need not to worry for what that SBI officer is saying.
Thanks
Ashal
dear ashal
thanks , i am confused what do u want to say by 0%rate of interest ?. My question is that if i want to preclose the homeloan within 5-7 yeares what will be procedure for max gain account.
request you to please elaborate your answer.
regards
milind
Dear Milind, relaxe. The amort. schedule shared with you is wrong one. In case of Max Gain, neither the Loan term nor the EMI changes. To assure you, I’m using Max Gain for myself and against my parked amount, nothing has changed till date either of the 2. 🙂
Thanks
Ashal
Dear ashal,
in that case, why should i park amount in maxgain ? upcourse i know liquidity is there for parked amount, but in furture i have extra amount and if i keep some amount in maxgain and repaid principal with balance amount like regular sbi home loan, is it ok ?
also as i mentioned in my earlier blog , my sbi loan is sanctioned within 6 days and now builder is saying still it will take 1 month for raising demand note of plinth level.
in agreement with sbi, it is clearly mentioned that sanctioned loan will be valid for 6 months, but officials are saying 2 months , which is correct ?
please guide me .
regards
milind