SBI Maxgain - basic query

[Ajay Kumar]

I need a basic clarification regarding our loan account.

My loan was sanctioned like evryone else through RACPC and EMI is being deducted from an older SBI savings account. The doubt is that will the same old account act as the account in which I can put money for Maxgain benefits? Right now, on onlinesbi.com when I login into my old account, I don't see any linkage of loan account. Do I need to somehow link these accounts.

Also, did any one us get online facility for loan account where we can see the transactions/RoI etc.

Thanks,

-Ajay

[Sandeep Kumar]

The OD/loan account should also appear in your SBI online login and
you need to park extra money in that to get maxgain benefits. Keeping
money in saving account is not going to get any saving.

Regards
Sandeep

[siddharth shekhar]

I hope the OD/LOAN/MAX GAIN is same account.

[Sandeep Kumar]

Yes, all 3 means same thing.

Regards

[Ajay Kumar]

Thanks for the prompt replies.

How do I get them(savings and OD accounts) associated? Do I need to apply for the same at RACPC?

Thanks,

-Ajay

[Sandeep Kumar]

You have to ask your savings account branch to associate your loan
account with your CIF (I think that's the name)

Regards

[Vikram Verma]

I went to my home loan branch last week & found out that my loan account is not an Max-Gain account instead is a regular home loan account.

Can anybody please suggest what should I be doing to switch over to maxgain account.   

Best Regards,

Vikram Verma

[amit.ni...@gmail.com]

Hi Group Members
I took SBI Maxgain Home Loan with sanctioned limit for 30 L last year on an underconstruction property in Gurgaon.
Total cost of property is 45 L (excluding Service Tax and Registery charge).

Possession date is not yet clear as the construction is going slow. Written Date in BBA is middle of 2015.

Following transactions have processed towards property payment:
19 Lakhs Paid to builder from my pocket
10 Lakhs paid to builder using SBI Maxgain Home Loan
1 Lakh Interest amount on Moratorium period to Bank

Total 29 lakhs has been cleared to Builder.

16 Lakhs are due to builder in coming months (Which I anticipate would be cleared in regular installments every of 3-4 months since the construction of property is in progress and looking at the rate of last year.)

Now my concern is following:
a) SBI will start the EMI from July’14 which would be in range of 30 to 32 thousand on sanctioned amount.
b)However my My current disbursal from SBI is 10 Lakhs only. My thought is, in normal Home loan sceanario, EMI should come in the range to 9 t0 10 thousand rupees. Which would avoid me from upfront liability of high cash payment from my current capital.

I am expecting some surplus amount 2-3 lakhs from my salary as well in between the coming months.

My question:
Should I switch SBI Max gain to Normal Home Loan where I am paying the EMI basis on disbursed amount only in such scenraio explained above? is SBI allow to switch from Maxgain to Normal Home Loan.

is Normal Home Loan more benecifal for my situation.

I am sincerely looking for your advice as vital help as what is beneficial for me to do?

Please advice I am confused.

Thanking you very much in anticipation of timely reply!!