Hi ,
I have a SBI maxgain account for my home loan for my RTM property .I have taken a loan of 30 Lacs for 20 years.
As of know taking the consideration the EMI would be 31000 the interest portion was 27000 and 4000 principal.(all values are round-off)
Every month i deposit some amount to my maxgain account as a result the “debit interest” amount has come down .Taking an example that initially my interest portion was around Rs.27000 but know my interest portion has come down to Rs.22000 (this i am seeing via netbanking).
1. Also another query is that how is it possible to know the total principal paid till date for my home loan(apart from interest certificate which i would be getting at the end of year)?
2. Initially the “Limit” and “Drawing Power” field in my Maxgain account was around 30,34,000(this is when my loan got started) but now 30,11,787.Upon analysis i found out that every month this amount reduces by Rs. 4000.(this seems to be the principal portion calculated initially but not sure)
Should it not reduced by the principal amount which i am paying every month.Since every month i deposit some amount in maxgain. The month in which the debit interest was 22000 the principal portion would be 9000(31000(EMI)-22000(Interest) so should these values not change accourding to my logic?
Please reply as it would clear all the confusions.Thanks.