December 7, 2012 4:47 pm
I want apply for home loan but confused whether to go for SBI yuva or SBI Maxgain policies?
Please suggest the pros and cons of both the option. I need loan amout upto 28Lakhs.
If I took HL with SBI MAX GAIN plan we have to pay only interest will 36 only.
Here bit consultation please rectify those its great help full for me.
1. It is a mandatory to pay 36 month of interest only pay. After 12 can I start EMI like with principle also.
2. How we have to pay only interest amount to the bank. I’ve to pay or they deduct from SBI account. My Salary account CITI Bank.
I was just looking for this info abt SBI Yuva schema and came across this blog… thanks for the details btw.. but hv the same qtn that Naresh has posted at the end.
What I too understand is that if the Property is ready to occupy before 36 months from loan sanction then the EMI (from the date of possession) will include Principal amt as well. So the EMI with only interest will be applicable for either 36 months or till property possession whichever is earlier. Pl. confirm if same is your understanding? thx
Dear Naresh, sorry for the late reply, can you elaborate more on your query, as I’m unable to pick you up?
I heard from Manager that interest portion EMI is valid till 3 yrs or till I get possession. So if I get the possession within 1 year , do I start my principal payment through EMI after 1 year.?
Dear Nash, For first 36 months, there ‘ll be moratorium on your principal repayment & you ‘ll pay only interest & that’s why, your intial EMI’s ‘ll be for interest only & thus your loan eligibility ‘ll increase in reference of your income after 36 months.
Yes to increase your loan availability, you can add the possible rental income from the property you intend to purchase.
What is exact meaning of 36 months of interest payment only. So in that 3 years my principal amount will be as it is?
What is eligibility criteria for SBI MAX GAIN? I heard its good option but I am in need of 28Lak and my salary wont allow me to take that much amount!
And can I attach rent letting out as option to increase the Loan amount using SBI MAX GAIN?
SBI Yuva Home Loan
Eligible: Salaried employees of Companies from the private sector, MNCs, Government undertakings, PSUs, Government employees.
Age: Between 21 years to 45 years
Minimum Net Monthly Income: Rs.30,000
Loan Term : Maximum 360 months.
Permissible loan amount : 20% higher
Repayment : First 36 months – Only the interest applied during the month will be recovered. 37th month onwards – Regular EMIs
Type of Loan : Term Loan Only
I think if you are real short of money then opt for SBI Yuva Home Loan. But i storngly reccomend SBI Maxgain because you can use it as OD account and any surplus deposit will reduce your interest.
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