Withdrawal from SBI-Maxgain housing loan OD accout

POSTED BY Dr Avinash Patil ON February 5, 2013 7:16 am COMMENTS (9)

Sir

I have taken SBI Hsg loan of Rs. 20L for 20years with EMI Rs.20985/- in April-2008. Now int rates are 12.75%. EMI through ECs clearing. My salary deposited in SBI one Br . My Second SBI saving account in SBI another Br to which this SBI home loan Maxgain OD account is also present. I have internet banking facility in all account. My economic condition is so medium that i need money to fullfilll all these increased family day-to-day activity.

As today, My SBI maxgain OD account states Clear bal of Rs.17,43,693, Uncleared bal-Rs.00 and Drawing power of Rs.17,98,303/-. I wants to widtdraw money from my OD a/c. My difficulties are———-

1) Can I withdraw money from this OD a/c. How much?

2) How much interest bank will levy on this withdrawn amount?

3) When should I repay this withdrawn amount?

4) My EMi date is 25th of every months. If i pay the EMi of current month in begining of next month, then bank will debit more interest from my credited EMi amount?

5) How many times i can withdraw money from my OD account. What the limit when my loan taken is Rs.20L.

–Avinash Patil.

 

9 replies on this article “Withdrawal from SBI-Maxgain housing loan OD accout”

  1. Vishal Bhatia says:

    Hi,
    Is there any period till which we are not allowed to withdraw available balance from the OD. I have heard that till the date OC is not granted we are not allowed to withdraw money from the account. Can you please clarify?
    Thanks in advance

  2. Avik says:

    Hi

    I have a SBI max gain OD account of 20 lacs for an under construction project. The disbursed amount so far is 17 lacs. It says I have an withdrawal power of 3 lacs. Though my particular flat is completed but the amenities and other flats of the project are yet to be completed which will take another 8 to 10 months time. Hence I have not done the registration yet. In this particular condition can I withdraw the 3 lacs amount from my OD account to start off the interior design of my flat? If yes then how?

    Regards
    Avik

  3. Gitaish says:

    How did you arrive at the amoumt that can be withdrawn from the od account for avinash of 54600.

  4. Gitaish Gulati says:

    Hi Ashal

    I have seen your valuable comments on max gain loans of SBI. I have different question.

    I have a sbi max gain account with 37 lac of sanctioned limit.

    I have already made pre payment of close to 31 lac. Outstanding says 5 lac pending to pay

    Now i am pursing higher education and i want around 30 lac of loans. Can i withdraw this money back to my saving accounts.

    If yes will there be an issue from the target account.

    Is there a limit on how much i can withdraw

    Is there a limit on the amount i can withdraw at one shot

    Regards
    Gitaish

    1. Waseem says:

      Hi ,

      I have the same question did you get the answer for your questions.?

  5. Dear Avinash, you are always welcome. Please feel free to ask for any help in future also.

    thanks

    Ashal

  6. Dear Avinash, from the given nos. roughly 54600 Rs. are available as surplus balance. Now comes the answers for your queries. (the difference of 1798303 – 1743693)

    1) Can I withdraw money from this OD a/c. How much?
    Yes, 54610 Rs.
    2) How much interest bank will levy on this withdrawn amount?
    The same rate as on your home loan rate.

    3) When should I repay this withdrawn amount?
    As & when you are in position to repay.

    4) My EMi date is 25th of every months. If i pay the EMi of current month in begining of next month, then bank will debit more interest from my credited EMi amount?
    As the EMI debit is through ECs & on the date of ECS, if money is not there in debit acct. there ‘ll be penalty also apart from interest on interest.

    5) How many times i can withdraw money from my OD account. What the limit when my loan taken is Rs.20L.
    You may withdraw as many times as you want to. provided there is money available for withdraw.

    My personal take, please visit the loan branch of SBI & ask there for interest reduction. After paying a conversion fee, your ROi ‘ll come down from 12.75% to 9.95% & it ‘ll save a good amount to you over the period of loan. The conversion fee ‘ll be 056% of the outstanding loan amount i.e. 1798303.

    Thanks

    Ashal

    1. Dr Avinash Patil says:

      Thanks Ashal,

      For clearing my doubts about Maxgain. I also thanks to Jago-investor forum for this public welfare activity. thanks a lot.

      –Avinash Patil.

    2. Seshu says:

      Hi,
      Could you please let me know what is the process to withdraw the amount from the Max gain OD acocunt to savings account, Because, i dont see any transfer option from OD account.

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