What is “debt interest” in my SBI MAX GAIN Home Loan Statement ?

POSTED BY sivaram ON February 8, 2014 7:51 pm ONE COMMENT

Hi,

I have availed SBI Max Gain loan of amount 26.71 lakhs on August 2013. The first disbursement of Rs.24.56 lakhs was done on 10th Sept 2013. My EMI of 25,688 started from oct 10th 2013.

When I see my account online, every month 30th I see an entry of ”debit interest” in my statement. What is this amount. I dont have any clue on this. Even after full disbursement of money, I see a similar entry when my balance is 0. Then asked to the manager, he told , being an overdraft account, the software does some calculations and no need to worry about this.

Please advice.

Thanks and Regards,

Sivaram

One reply on this article “What is “debt interest” in my SBI MAX GAIN Home Loan Statement ?”

  1. ashalanshu says:

    Dear Sivaram, being an OD account, interest on SBI Max Gain is charged on the last day of the month. In your personal thinking, you are paying interest with EMI, so it should be adjusted on the EMI date itself. No, my dear friend, the interest is debited only on the last day of the month in an OD account.

    Thanks

    Ashal

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