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POSTED BY ON May 3, 2014 9:10 am COMMENTS (4)
I have taken SBI Home Loan TL (Dec 13). Sanctioned amount is 26.20 lakh, disbursed amount is 13.15 lakh. Next disbursement of balance amount will be taken after 18 month. I am paying interest on 13.15 lakh. I do have Rs. 2.0 lakh as a surplus money for contingency. Should I switch over to SBI Home Loan Maxgain. After 2 year I have to take out this surplus 2.0 lakh.
N.K. Bhatia, Dehradun
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Dear Nkb, please do note once you opt for Max Gain and park your amount to save interest outgo during disbursal stage, you can not withdraw your own money till final disbursal is done. Now you mentioned that it’s the contingency fund of 2L Rs. which you want to park. Being contingency fund, what ‘ll be it’s use if you can not withdraw it in case of need from Max Gain account? That’s why I left it on you to decide that you want to go for Max Gain or not. Yes post final disbursal, you may have your surplus amount in your Max Gain account.
Thanks
Ashal
Dear Ashalanshu,
In your answer you mentioned that “if you feel Max Gain ‘ll be beneficial to you”: Actually this was the question. So please analyse my case and suggest me what to do. In near future, if my salary increased, I would like to foreclose my loan account by reducing the principal. Is this facility is available in Max gain? This is another aspect which you have to looked in to. So please do help. Thanks and regards.
Dear N K Bhatia, if you feel Max Gain ‘ll be beneficial to you, apply for conversion.
Thanks
Ashal
Dear Ashalanshu,
In your answer you mentioned that “if you feel Max Gain ‘ll be beneficial to you”: Actually this was the question. So please analyse my case and suggest me what to do. In near future, if my salary increased, I would like to foreclose my loan account by reducing the principal. Is this facility is available in Max gain? This is another aspect which you have to looked in to. So please do help. Thanks and regards.