When to put own contribution in SBI Maxgain Loan ?

POSTED BY MILIND SARAF ON January 21, 2014 8:32 pm COMMENTS (8)

Dear Ashal

I got sbi maxgain home loan sanctioned rs 1753000 for 17 years with 18 months moratorium period @ 10.25 pa.  Bank has disbursed me Rs 410000 in oct 2013. Mine is under construction scheme, builders next demand for rs 500000 is expected in mid feb 2014. Right now i am paying pre emi rs 3580 pm for amount disbursed.

I have paid rs 540000 from my pocket while booking the flat.

1) As my portion is rs 928000 and bank portion is  1753000 (total cost of flat is rs 2681000) , i have already paid 58% of my portion so bank will not ask me to share demand note till disbursement reach 58% of the rs. 1753000 i.e. rs. 1016000. So i dont have to pay single rs being next demand is for rs. 500000.

2) My question is that right now i have rs 200000 to share the demand note. To reduce the pre emi  i want to share this rs 200000 out of demand note of rs. 500000.

Is it right step , pl advice me.

regards

Milind saraf

8 replies on this article “When to put own contribution in SBI Maxgain Loan ?”

  1. ashalanshu says:

    Dear Milind, nothing wrong in being sentimental. We support you in this situation. Please keep us updated for the issue. I know it’s possible the only thing is, the officer on the other side of the table should be ready to help you.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Milind, please contact SBi loan serving branch and ask there to do the transaction like this.

    1. You deposit your own money in Max Gain. The pre emi interest burden ‘ll be lower.
    2. Builder raise demand notice.
    3. SBI releases money to builder where it’s your own money from 2L Rs. + partial loan amount.

    Thanks

    Ashal

    1. MILIND SARAF says:

      dear ashal
      thanks for your advice, i have visited racpc wakdewadi pune br and suggested as per your advice, funny thing is that one officer says yes it is possible, but the officer who is realeaseing disbursement says yes it is possible but complicated. i thing he is the person who releases subsequent disbursments and therefore he dont want to make complicated calculations.
      I asked them that i want to meet AGM , but AGM is on leave for 1 week. i will meet the AGM and will ask to do the same what you have suggested.

      Thanks for your reply. And very glad to see that work my fifth floor slab is about to start. Its like seeing your baby grow. Today i am really missing my dad whom i lost in 2009.

      Sorry i became sentimental.

      thanks ashal
      regards
      milind saraf, pune

  3. MILIND SARAF says:

    dear ashal
    yes i can park 200000 in maxgain , but i can not withdraw it as mine loan is partially disbursed. And in future i will in trouble to pay my portion. I just want to pay to builder to reduce my burden of pre emi.

    advice please
    regards
    milind

    1. MILIND SARAF says:

      dear ashal
      Not yet recd advice on following query. pl adivice urgently

      yes i can park 200000 in maxgain , but i can not withdraw it as mine loan is partially disbursed. And in future i will in trouble to pay my portion. I just want to pay to builder to reduce my burden of pre emi.

      advice please
      regards
      milind saraf

  4. ashalanshu says:

    Dear Milind, as you ahve enough money separately to pay to builder, you may park the extra amiunt into Max Gain. Regarding EMI due to new ROI, the SBI ‘ll not change as of now as ROI ‘ll come down in future and the net effect ‘ll be zero or in your favor over the loan term.

    Thanks

    Ashal

  5. MILIND SARAF says:

    dear ashal
    i am not going to put in maxgain, i will directly pay to builder. so as per my knowledge there is no question of getting 2lacks blocked. am i right ? Any way either today or later i have share my portion being my portion is 928000 i have paid 540000 that means still i have to pay 388000 from my pocket. Kindly guide.

    Another question is that when my loan got sanction my ROI was 10.05 % and subseqently no it is 10.25%, so whether my EMI will increase or tenure will increase?

    regards
    milind

  6. ashalanshu says:

    Dear Milind, please do not, later on you ‘ll not be in position to withdraw this 2L Rs. for your own share. What you can do now? In my personal opinion, first of all contact your loan serving branch and inform them that your future share for payment, you w’d like to pay through SBi max Gain account itself by parking your money there. This way, at the time of actual demand from builder, SBI ‘ll release the cheque amount for loan + your share.

    It’s a workable solution if your loan serving branch staff is ready to help you.

    Thanks

    Ashal

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