Query about max gain account

[ABHIMANYU BHATIA]

Hello Naveen,

 

I need your help to understand the SBI HL account, i have taken loan from SBi.

 

As it is OD account even i find it smart to park y salary in the OD account to save interest, but my question have you been issued the

cheque book.

 

Abhimanyu Bhatia

 

[Naveen Kumar]

Yes, I have got a multicity cheque book for SBI HL account. I got Third party transfer rights also for that account.

--
Cheers
Naveen Kumar

[ABHIMANYU BHATIA]

How did you got the cheque book and third party rights.

[Naveen Kumar]

Contact your home loan branch

--
Cheers
Naveen Kumar

[ANKUSH]

hi naveen

can u please tell which was ur base branch for home loan , like i also
want to get internet banking facility but me out of delhi now..so can
we apply thru' correspondence or representative ?

On Dec 12, 3:02 pm, Naveen Kumar <naveenkumarve...@gmail.com> wrote:
> Contact your home loan branch
>
> On Mon, Dec 12, 2011 at 2:34 PM, ABHIMANYU BHATIA <
>
>
>
>
>
> abhimanyubhat...@gmail.com> wrote:
> > How did you got the cheque book and third party rights.
>

> > On Sat, Dec 10, 2011 at 7:15 PM, Naveen Kumar <naveenkumarve...@gmail.com>wrote:
>
> >> Yes, I have got a multicity cheque book for SBI HL account. I got Third
> >> party transfer rights also for that account.
>
> >> On Sat, Dec 10, 2011 at 3:09 PM, ABHIMANYU BHATIA <
> >> abhimanyubhat...@gmail.com> wrote:
>
> >>> Hello Naveen,
>
> >>> I need your help to understand the SBI HL account, i have taken loan
> >>> from SBi.
>
> >>> As it is OD account even i find it smart to park y salary in the OD
> >>> account to save interest, but my question have you been issued the
> >>> cheque book.
>
> >>> Abhimanyu Bhatia
>
> >> --
> >> Cheers
> >> Naveen Kumar
>
> --
> Cheers

> Naveen Kumar- Hide quoted text -
>
> - Show quoted text -

[Naveen Kumar]

If you have gone for group loan than moderators might have told you but in anycase you can call SBI RACPC to know your home loan branch. I think email correspondence/calling on phone should work.

--
Cheers
Naveen Kumar

[Ashish]

Hello All,

Thanks for your advice. I got activated transaction right for max gain
account in net banking after sending mail to racpc and home loan
branch. It took 10 days.

I want one information from all specially naveen.

Example: If I have 5000 rs in saving account and 50000 excess rs in
max gain account and give 10000 saving account cheque to some body. To
clear this cheque will money will automatically transfer from max gain
to saving account to clear cheque or cheque will bounce.

Dr Ashish Mittal

[Anupam]

Chq will bounce ...

[Naveen Kumar]

+1 to Anupam's reply.

Both has different account number. You can use your max gain accounts cheque book :)

--
Cheers
Naveen Kumar

[jagdish modi]

Hi,

I have a query..My 1st EMI was deducted on 27th Dec and I parked
around 50000/- in OD account for max gain facillity, on 31st Dec,
11303/- was debited from my available balance.
I am confused, what is it ?

Thanks
Jagdish Modi

[Rajender Wadhwa]

Hello Ashish,

 

Whats the email id of racpc to get transaction right on max gain accout.

 

Thanks!

[Naveen Kumar]

Interest :)

At the end of every month they will charge interest :)

--
Cheers
Naveen Kumar

[jagdish modi]

So it will be deducted from our parked balance ? If yes then what is
the benefit of parking excess money in this account ? Will it reduce
our interest part in EMI ? If that is the case , we are not able to
use the money which is deducted as interest in month end , so is it a
side affect of this max gain facility ?

Thanks
Jagdish Modi

On 1/2/12, Naveen Kumar <naveenku...@gmail.com> wrote:

[vikas makhija]

Actually Interest will be debited on last day of the month and the emi that will be debited on emi-day from your other account will be credited into this account.

Regards
Vikas Makhija

[Naveen Kumar]

EMI which you pays will compensate for the interest they charge. After EMI is charged your parked extra balance will available for use.

--
Cheers
Naveen Kumar

[Ashish]

Mr Rajeneder,

racpc email address: racpc....@sbi.co.in

It is better if you send request to your home loan branch by post and
email as they may require sign. For branch email address you can
search on google.

Dr Ashish Mittal

[Naveen Kumar]

One good feature of SBI net banking is I came to know today. We can have standing instruction executed at a particular date every month.
We can put the EMI money in max gain account when we have it and execute a "standing instruction" to transfer it saving's account a day before EMI is to be charged, That way we can earn maximum interest without worrying about money transfer. :)

--
Cheers
Naveen Kumar

[Ashish]

Naveen thanks for such great information.

On Jan 3, 10:34 am, Naveen Kumar <naveenkumarve...@gmail.com> wrote:
> One good feature of SBI net banking is I came to know today. We can have
> standing instruction executed at a particular date every month.
> We can put the EMI money in max gain account when we have it and execute a
> "standing instruction" to transfer it saving's account a day before EMI is
> to be charged, That way we can earn maximum interest without worrying about
> money transfer. :)
>

> On Tue, Jan 3, 2012 at 11:00 AM, Ashish <eashishmit...@gmail.com> wrote:
>
> > Mr Rajeneder,
>

> > racpc email address: racpc.lho...@sbi.co.in

[Manu Mewari]

I have a question about max gain. If i have taken 30 lakhs loan and i park 30 lakh rs in account then what will happen? loan interest has to be calculated daily on X amount where x is (Loan amount - amount in saving account = x amount). So what will happen in such case?

--
Manu Mewari
Team Lead (Java,J2EE)
LinkEdge Software Solutions
Gurgaon, India
HeadOffice : USA , ChatsWorth

[Pankaj Yadav]

Experts can comment in a better way, but according to my understanding following will happen ....

EMI still remains the same .....

EMI contains 2 parts Principal + Interest

Interest is calculated on the remaining loan which in this case will be zero

Hence the whole EMI will contribute towards reduction of your principal amount.

experts please correct me if I am wrong !

regards

-Pankaj

[Manu Mewari]

Sounds logical. I think you are right.

[Sandeep Kumar]

You are absolutely right Pankaj. In this way although the EMI amount
is same but as the whole amount is Principal, your tenure will get
reduced.

Regards

On Apr 18, 10:35 am, Pankaj Yadav <pankaj....@gmail.com> wrote:
> Experts can comment in a better way, but according to
> my understanding following will happen ....
>
> EMI still remains the same .....
> EMI contains 2 parts Principal + Interest
> Interest is calculated on the remaining loan which in this case will be zero
>
> Hence the whole EMI will contribute towards reduction of your principal
> amount.
>
> experts please correct me if I am wrong !
>
> regards
> -Pankaj
>

> On 18 April 2012 11:00, Manu Mewari <manumew...@gmail.com> wrote:
>
>
>
>
>
>
>
> > I have a question about max gain. If i have taken 30 lakhs loan and i park
> > 30 lakh rs in account then what will happen? loan interest has to be
> > calculated daily on X amount where x is (Loan amount - amount in saving
> > account = x amount). So what will happen in such case?
>

[Om Deshmukh]

All,

there is some very good discussion on how best to utilize the SBI max gain facility here:
http://www.jagoinvestor.com/forum/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account/2635/
and
http://www.indianrealestateforum.com/pune/t-sbi-maxgain-advantage-10995.html
One of the users there has put a xls sheet that can help you with max-gain related calculations. hope you guys find it helpful.

[Manu Mewari]

Thanks Om for this.

[Sonalika Prasad]

 Hi All,

SBI max gain is a kind of over draft account..best part is you will get a cheque book and an ATM card also with it and this can be used as savings account..we can park all our surplus funds in that acc. and since the interest is calculated on a daily basis everybit of surplus fund parked in that account reduces the interst! I have taken a loan from SBI max gain for my DDA flat and I'm quite imressed as I can withdraw any amount available at any point of time..

rgrds

[ajay .]

For those who are in highest tax bracket and won't reside in this new
second house, I think max gain may not be a very good option from
income tax angle. For a second house, the interest paid on home loan
can be shown as loss and can be set off against your (salary or any
other head) income. So, the actual interest paid could be lesser than
the amount you can earn if you invest it somewhere else. Of course, it
depends on investment avenues and the individual's comfort level.

Thanks,
-Ajay

[amit ambe]

Isn't max gain essentially the same as if i open a FD in another bank
except that max gain is liquid. What SBI is doing is
paying us 10.5-11 percent interest instead of prevailing FD rates of
about 9.75 thereby giving you advantage of liquidity and 1.75-2 %
interest advantage over FD.
Actually thats not a bad deal at all - liquid surplus and at higher
rate than other secure instruments.

Correct me please in case i am wrong.

On Apr 22, 11:12 pm, "ajay ." <aja...@gmail.com> wrote:
> For those who are in highest tax bracket and won't reside in this new
> second house, I think max gain may not be a very good option from
> income tax angle. For a second house, the interest paid on home loan
> can be shown as loss and can be set off against your (salary or any
> other head) income. So, the actual interest paid could be lesser than
> the amount you can earn if you invest it somewhere else. Of course, it
> depends on investment avenues and the individual's comfort level.
>
> Thanks,
> -Ajay
>
> On Sun, Apr 22, 2012 at 7:48 PM, Sonalika Prasad
>
>
>
>
>
>
>
> <sonalika.pra...@gmail.com> wrote:
> >  Hi All,
>
> > SBI max gain is a kind of over draft account..best part is you will get a
> > cheque book and an ATM card also with it and this can be used as savings
> > account..we can park all our surplus funds in that acc. and since the
> > interest is calculated on a daily basis everybit of surplus fund parked in
> > that account reduces the interst! I have taken a loan from SBI max gain for
> > my DDA flat and I'm quite imressed as I can withdraw any amount available at
> > any point of time..
>
> > rgrds
>

> > On Sun, Apr 22, 2012 at 10:07 AM, Manu Mewari <manumew...@gmail.com> wrote:
>
> >> Thanks Om for this.
>
> >> On Sun, Apr 22, 2012 at 9:19 AM, Om Deshmukh <omd...@gmail.com> wrote:
>
> >>> All,
>
> >>> there is some very good discussion on how best to utilize the SBI max
> >>> gain facility here:
>

> >>>http://www.jagoinvestor.com/forum/how-to-maximize-the-gains-in-sbi-ma...
> >>> and
>
> >>>http://www.indianrealestateforum.com/pune/t-sbi-maxgain-advantage-109...

[Anjan]

Hi Ajay,

As far as purchase period is concern, DDA would be my second house but I have not shown/claim my first house for loan rebate than, what would be my case? I am also not staying in my first house which is under construction.

As we all know that, DDA will not give the possession of our respective flat in this financial year than, how it effect on rebate on paid interest to Bank? Please clarify.

Suggestion welcome from other members also.

-----Original Message-----
From: ajay .
Sent: 22/04/2012 11:42:36 pm
Subject: Re: Query about max gain account

For those who are in highest tax bracket and won't reside in this new
second house, I think max gain may not be a very good option from
income tax angle. For a second house, the interest paid on home loan
can be shown as loss and can be set off against your (salary or any
other head) income. So, the actual interest paid could be lesser than
the amount you can earn if you invest it somewhere else. Of course, it
depends on investment avenues and the individual's comfort level.

Thanks,
-Ajay

On Sun, Apr 22, 2012 at 7:48 PM, Sonalika Prasad
<sonalik...@gmail.com> wrote:
>  Hi All,
>
> SBI max gain is a kind of over draft account..best part is you will get a
> cheque book and an ATM card also with it and this can be used as savings
> account..we can park all our surplus funds in that acc. and since the
> interest is calculated on a daily basis everybit of surplus fund parked in
> that account reduces the interst! I have taken a loan from SBI max gain for
> my DDA flat and I'm quite imressed as I can withdraw any amount available at
> any point of time..
>
> rgrds
>
>

> On Sun, Apr 22, 2012 at 10:07 AM, Manu Mewari <manum...@gmail.com> wrote:
>>
>> Thanks Om for this.
>>
>> On Sun, Apr 22, 2012 at 9:19 AM, Om Deshmukh <omd...@gmail.com> wrote:
>>>
>>> All,
>>>
>>> there is some very good discussion on how best to utilize the SBI max
>>> gain facility here:
>>>

>>> http://www.jagoinvestor.com/forum/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account/2635/
>>> and
>>>
>>> http://www.indianrealestateforum.com/pune/t-sbi-maxgain-advantage-10995.html

[Naveen Kumar]

Hi Sonalika,

Did you got an ATM card for your max gain account?

I only got net banking access & cheque book. :(
I asked for the ATM but they told me ATM is not given, did anyone else got an ATM card for their max gain account.

On Sun, Apr 22, 2012 at 7:48 PM, Sonalika Prasad <sonalik...@gmail.com> wrote:

--
Cheers
Naveen Kumar

[Sonalika Prasad]

Yes I got the ATM card as well..they should must provide the ATM.. askSBI will they give it in writing that ATM is not provided? they will never do it coz the whole purpose of the account is to give flexibility and liquidity :)

[Rajender Wadhwa]

Hi Amit,

 

You are right that we have 1.75-2 % interest advantage in max gain account over FD but same time we are loosing tax rebate which is 20% in my case. I calculated and found if I put my surplus amount in FD and get tax advantage on interest paid, its quite a better deal.

 

-Rajender

Regards,

[amit ambe]

That is great info. You are right.

[Sandeep Kumar]

Hi Rajender,

Not sure if you taken this in consideration, but the interest on FD is
also taxable and if you are in 20% tax bracket the interest you earn
on FD is also taxable at 20%.

Regards
Sandeep

On Apr 23, 11:33 am, Rajender Wadhwa <rajenderwad...@gmail.com> wrote:

[Rajender Wadhwa]

Hello Sandeep,

 

You are correct, I did not consider this.

How about going for 5 yr FD which will also give you tax benefit of 20%.

 

-Rajender

[amit ambe]

One query rejender. How do you save 20 percent on tax? Isn't the
deduction allowed uptill one lakh only on interest paid towards house
loan.

[Rajender Wadhwa]

Hello Amit,

 

The deduction allowed is upto 1.5 lakhs on interest paid. If you come under 20% tax slab means you save Rs. 30,000 in tax annually.

 

-Rajender

[Pankaj Singh]

stamp duty paid will also be tax deductible?

[Rajender Wadhwa]

yes Pankaj, the stamp duty paid also gives you tax exemption under 80C.

 

-Rajender

[rakesh kumar]

but the problem here is tax exemption.is applicable only after u get the possession letter. not before that.

[Sameer Jain]

Rakesh, tax benefits are applicable if you get the possession in that FY. So if you get the letter by Mar -2013 tax benefit can be availed.

[Sandeep Kumar]

Not sure of the reasons in your cases, but I'll not be claiming any
tax benefits on loan interest. I'll continue to claim House Rent
Allowance as the benefit in that is much more to me. In home loan
interest the max limit claimed is 1.5L, whereas in HRA it is much
more.

Regards
Sandeep

On Apr 23, 4:32 pm, Sameer Jain <sameerjain.m...@gmail.com> wrote:
> Rakesh, tax benefits are applicable if you get the possession in that FY.
> So if you get the letter by Mar -2013 tax benefit can be availed.
>

> On Mon, Apr 23, 2012 at 4:55 PM, rakesh kumar <rakesh.kumar...@gmail.com>wrote:
>
>
>
>
>
>
>
> > but the problem here is tax exemption.is applicable only after u get the
> > possession letter. not before that.

> >>>>> > > > >http://www.jagoinvestor.com/**f**orum/how-to-maximize-the-**
> >>>>> gains**-in-sbi-ma.<http://www.jagoinvestor.com/forum/how-to-maximize-the-gains-in-sbi-ma.>..
>
> >>>>> > > > > > >>> and
>
> >>>>> > > > >http://www.**indianrealestatefo**rum.com/**pune/t-sbi-maxgain-*
> >>>>> *advantage-**109.<http://www.indianrealestateforum.com/pune/t-sbi-maxgain-advantage-109.>..

> ...
>
> read more »

[Rajender Wadhwa]

Sandeep,

 

Can't we get tax exemption on both H/L interest as well as HRA. Because if I live on rent and also pays home loan emi for my home in some other city, then I should get exemption on both.Kindly confirm.

 

-Rajender

[RAJAT SARIN]

Rajender ..That is correct

--
Regards,
Rajat Sarin

[RAJAT SARIN]

Claiming Home loan tax benefits and HRA together

If you have a house in one city for which you have taken a home loan
and you reside in another city due to work or similar reasons, then
you are eligible to avail all the benefits. There may be a situation
that you have got the house for which you had taken the home loan but
instead of using it yourself, you have rented it out and you continue
to reside on a rented house then you can claim all the tax benefits
and the HRA. But it should be noted that rent received by you is
considered as your taxable income. House Rent Allowance (HRA) is a
component of your salary package and is given by an employer to an
employee for the sole purpose of meeting the cost of renting a home.
It should be understood that deduction on home loan and HRA benefits
are two different issues under the Income Tax Act. The tax benefits on
home loan and HRA can be claimed together by an individual if he
fulfills the eligibility criteria on deductions relating to home loan
and HRA. If you are paying rent to your parents and you are getting
the receipt for the same, you can claim a deduction. But if you are
paying rent to your spouse and you are getting the receipt for the
same, you cannot claim a deduction.

According to the Income Tax Act, only owners or co-owners are eligible
for tax benefits on home loan repayments. Home loans are entitled for
Tax benefits under Section 80C (Tax benefit on principal repayment)
and Section 24 (Tax benefit on interest payment) of Income Tax Act.
However HRA and home loan provisions are two different issues as far
as the Income Tax Act is concerned. The tax benefits on home loan and
HRA can be claimed together by an individual if he fulfills the
eligibility criteria on deductions relating to home loan and HRA. Good
tax planning comprises tax compliance and availing proper tax
benefits, coupled with proper analysis of the financial implications
of a decision. Be a smart investor to minimize your tax liability and
attain your long-term goals.

Source : http://www.commonfloor.com/articles/tax-planning-with-home-loan-5641.html

--
Regards,
Rajat Sarin

[Sandeep Kumar]

Yes if your rented accommodation and owned properties are in different
cities, but this is not applicable within NCR. Means if you live in
Gurgaon, Noida, Ghaziabad, Faridabad, you can't claim home loan
interest tax benefit for Delhi property.

Regards

> ...
>
> read more »

[Anupam]

Hi Sandeep, 

please share the source of info about NCR? they all are falling in different states, also NCR area is much bigger than that. 

even... you cant claim 50% HRA if living in Gurgaon, Noida, Ghaziabad, Faridabad etc.

br,

[Sandeep Kumar]

Source of information is what I got to know from my company finance
team and my accountant. And yes HRA for location you mentioned is 40%
only.

Regards
Sandeep

> ...
>
> read more »

[RAJAT SARIN]

Some more details on HRA and Home Loan IT exemption

SOURCES

1. http://www.raagvamdatt.com/income-tax-it-treatment-of-house-rent-allowance-hra

2. http://www.raagvamdatt.com/income-tax-it-benefits-of-a-home-loan-housing-loan-mortgage

HRA and Home Loan

Many people get even more confused when it comes to HRA and home loan
together. But it is quite simple, really.

In a nutshell: There is no restriction in the Income Tax (IT) Act
about claiming home loan and HRA benefits together.

If you are staying in a rented accommodation, and have taken a home
loan for purchase of a house, you can claim benefit for both HRA and
the principal and interest components of the home loan.
You can claim these benefits even if you have rented out the house you
have purchased through a home loan, and are yourself living in another
rented accommodation.

The city where you own a house and the city where you work also has no
significance: There can be different cities, or can be the same.

Note: Some companies insist that to claim HRA exemption, you would
need to provide a declaration stating that in spite of owning a home,
you are staying in a rented house due to a genuine reason.

Following are some of the reasons considered genuine:

The house you own is not conveniently located with respect to your workplace
Your parents are living in the house you own. So, you have to stay in
a rented place.
The house you own is small. So, you have to rent a bigger house.
You have rented out the house you own. And you stay in another house
that you have taken on rent.

Other important points to keep in mind
You can claim exemption for the rent paid to your parents, provided
you actually pay the rent. You should get rent receipts for the same.
Also, your parents would need to declare this income in their IT
returns.
You can not claim rent paid to your spouse.
Only one of the spouses can claim HRA exemption – not both.

--
Regards,
Rajat Sarin

[Sandeep Kumar]

Hey Rajat,

What you have posted is true, but submission ke time pe company bills
and proof reject kar deti hai. Don't know what to say, but it seems
theory is different from practicality, and this is true since school
days...............:)

Regards

On Apr 23, 8:03 pm, RAJAT SARIN <sarin.ra...@gmail.com> wrote:
> Some more details on HRA and Home Loan IT exemption
>
> SOURCES
>

> 1.http://www.raagvamdatt.com/income-tax-it-treatment-of-house-rent-allo...
>
> 2.http://www.raagvamdatt.com/income-tax-it-benefits-of-a-home-loan-hous...

> ...
>
> read more »

[Anupam]

Thanks Rajat,

Party time Sandeep,  you gonna save a lot :)

[Sandeep Kumar]

Anupam,

Unfortunately not saving. My office is not accepting this and will
deduct taxes for claimed interest loan amount.

Regards
Sandeep

[Raman Arya]

Sandeep,

You can always apply for refund while filling ur IT return.

That might be a way out.

Regards,
Raman

[amit ambe]

As I understood yesterday from my ca, the real benefit is to let out
the property. Then you can claim difference in rental value for year
and interest paid for the year as loss on property which is tax
deductable. That's a huge amount. Eg rent 360k. Interest hig 800k.
Then 440k is tax deductable.

On Apr 24, 7:35 am, Raman Arya <raman.a...@gmail.com> wrote:
> Sandeep,
>
> You can always apply for refund while filling ur IT return.
>
> That might be a way out.
>

> Regards,rest

[Pankaj Singh]

Its possible even in same city...provided the home is not ready..

 

http://www.rediff.com/getahead/2006/jul/24hra.htm

Home not ready

Let's say you are residing on one city and have taken a loan to buy a home in the same city. But the home is not ready, forcing you to rent a place. For instance, you have taken the loan to buy a place in Delhi but you are staying in a rented accommodation in Delhi itself because your home is not ready for occupation.

What you will be entitled to

- Tax benefit on principal repayment under Section 80C
- Tax benefit on interest payment under Section 24
- HRA benefit

You can claim tax benefits on the housing loan only if your home is ready to live in during that financial year. Once the construction on your home is complete, the HRA benefit stops.

[Anupam]

Yes Amit, He is right ......but you can't claim more than 150K in a FY.

But issue is about claiming both (from employer/IT Deptt.) ..............

1.HRA against rent  and 

2. interest on loan (max150K)

br,

On Tue, Apr 24, 2012 at 10:52 AM, amit ambe <ambek...@gmail.com> wrote:

[khandelwal]

Sonalika,

Need your help

How should I apply for ATM and net banking of my SBI max gain
account ?
where should I put my extra money for getting interest benefit in my
home loan account which they have opened just after my home loan or in
my other SBI saving account?

last question when I saw details in my net banking of SBI saving
account they have also added my home loan account in this and they
have mentioned interest rate of 10.75 in this but my home loan
sanctioned at 10.5% can you tell me why there is difference.




On Apr 23, 9:50 am, Sonalika Prasad <sonalika.pra...@gmail.com> wrote:
> Yes I got the ATM card as well..they should must provide the ATM.. askSBI
> will they give it in writing that ATM is not provided? they will never do
> it coz the whole purpose of the account is to give flexibility and
> liquidity :)
>
> On Mon, Apr 23, 2012 at 9:44 AM, Naveen Kumar <naveenkumarve...@gmail.com>wrote:
>
>
>
>
>
>
>
> > Hi Sonalika,
>
> > Did you got an ATM card for your max gain account?
>
> > I only got net banking access & cheque book. :(
> > I asked for the ATM but they told me ATM is not given, did anyone else got
> > an ATM card for their max gain account.

>
> >  On Sun, Apr 22, 2012 at 7:48 PM, Sonalika Prasad <
> > sonalika.pra...@gmail.com> wrote:
>
> >>  Hi All,
>
> >> SBI max gain is a kind of over draft account..best part is you will get a
> >> cheque book and an ATM card also with it and this can be used as savings
> >> account..we can park all our surplus funds in that acc. and since the
> >> interest is calculated on a daily basis everybit of surplus fund parked in
> >> that account reduces the interst! I have taken a loan from SBI max gain for
> >> my DDA flat and I'm quite imressed as I can withdraw any amount available
> >> at any point of time..
>
> >> rgrds
>
> >> On Sun, Apr 22, 2012 at 10:07 AM, Manu Mewari <manumew...@gmail.com>wrote:
>
> >>> Thanks Om for this.
>
> >>> On Sun, Apr 22, 2012 at 9:19 AM, Om Deshmukh <omd...@gmail.com> wrote:
>
> >>>> All,
>

> >>>> there is some very good discussion on how best to utilize the SBI max
> >>>> gain facility here:
>

> >>>>http://www.jagoinvestor.com/forum/how-to-maximize-the-gains-in-sbi-ma...
> >>>> and
>
> >>>>http://www.indianrealestateforum.com/pune/t-sbi-maxgain-advantage-109...

> >>>> One of the users there has put a xls sheet that can help you with
> >>>> max-gain related calculations. hope you guys find it helpful.
>

> >>>>> > > HeadOffice : USA , ChatsWorth

>
> >>> --
> >>> Manu Mewari
> >>> Team Lead (Java,J2EE)
> >>> LinkEdge Software Solutions
> >>> Gurgaon, India

> >>> HeadOffice : USA , ChatsWorth
>
> > --
> > Cheers
> > Naveen Kumar

[Rajan Chandolia]

Ankit/SOnalika/Naveen,

Could you please help with below queries on home insurance for SBi home
loan:

-> Where did you guys apply for home insurance ?
-> Are they accepting home insurance with annual premium payment ?
-> What should be the term (in years) of home insurance ?
-> Do sum assured under the policy necessarily have to be equal to the
original home loan amount ?

Thanks,
Rajan

[Kiran Kumar]

Hi....

I have taken home loan I don't whether it is term loan or max gain please help how to found in this regard,if my loan a/c is term loan how convert to maxgain and is there any online facility to consult in this regard...

[Sandeep Kumar]

If loan taken from SBI, it should be MaxGain. The easiest way to find out what kind of loan account you have is call your branch and confirm.

Regards

[Manish Sharma]

Hi Group,

 I have taken a maxgain loan and have got some amount already disbursed. (20L out of 50L loan amount).

 I am already paying EMI on it.

 My question is - 

 Q1 - I am from Karnataka. During the property registration, If I want to add my wife as co-owner, do I necessarily need to add her name in the loan co-borrower as well?

 Q2 - If yes, then what all are the documents needed to get my wife added as a co-borrower the SBI max-gain loan. As I am recently married, I don't have my marriage certificate ready yet. Wedding card and photos are there.

 Q3 - If I add her as co-borrower and in registration if add keep her as primary co-owner, will I get inetrest rate relaxation now?

Thanks in advance.

[Sandeep Kumar]

Q1 - Not required to add wife as co-borrower.
Q2 - Not required
Q3 - If you are co-owner of property you can take tax benefits up to 100%, the other co-owner needs to give in writing that he or she is not claiming the tax benefit for same.

Regards