What is available balance in Max Gain?

What is available balance in Max Gain?

Available Balance = Any surplus amount parked in this account + accrued interest savings. All surplus money parked in the home loan account goes towards Available Balance. Even if the surplus amount is kept only for a few days during the month, it helps reduce the interest component of the EMI for that month.

Is it good to pay off home loan early in India?

And, if your home loan interest rate is more than the average market rate, the overall interest repayment can be way beyond your imagination. But a prepayment will help cut short the length of a home loan and reduce interest payments. You can see substantial savings of INR 7,78,396 on prepaying the loan after 14 years.

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Can we change from Max gain to term loan?

Yes, you can convert your SBI Max Gain Home Loan into a regular term loan. You need to contact your bank manager and give a written request to do this. You will be required to sign a new loan contract with the new terms and conditions. You may also be charged a nominal fee to do this loan transfer.

Can I do prepayment in SBI MaxGain?

You opt for the Home Saver Loans such as SBI MaxGain to retain flexibility with your prepayment money. However, there may be certain pre-conditions before you can make withdrawal from the Excess Account (Overdraft account).

How does SBI MaxGain account work?

Maxgain Home Loan is an innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost. The maxgain calculator allows you to calculate the savings in comparison to regular home loan.

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How can I withdraw money from my SBI Maxgain loan?

How to Withdraw Money from SBI Maxgain? You can withdraw surplus money from SBI Maxgain if these conditions are met: Property possession has been given by the Builder. A full sanctioned loan has been disbursed by Bank.