[ghodlur]

Although my SBI loan process went off pretty smooth 2 yrs ago but lately the service of SBI is gone down drastically. Earlier they used to be communicative regarding the change of tenure due to ROI hike/fall but for the past 5 months when the ROI was on a roll there was absolutely no communications.

Long back SBI had goofed up with my Home Insurance and did not give me the policy for about a year or so. When I enquired at the RACPCC they said they lost the cheque, had to issue a new one and be after their backs to get the policy document.

[markmytravel]

Can anyone tell how many days it takes to get a sms from RACPC when file is sent. Branch manager told me he has send the file to RACPC already but haven't received any sms/call confirming from RACPC. Not sure whom to contact now either?

[speedsatya]

I have a home loan with Axis Bank ...as of now they looked the best in terms of flexibility and conditions. Also the ROI was similar to SBI .Moreover,processing and other formalities were a breeze with Axis Bank

[Fortuner71]

Any idea how the top up loan works ? what is the interest rate ? what is the maximum amount given ? tenure etc . Appreciate the help .

[fordday]

penpavan, yours is an old post however, this particular line from your post caught my attention,

Originally Posted by penpavan

Max-Gain account is the one you should go for, for the benefits you cannot imagine.

can you give us some first hand hand experience about the benefits? I am also in the process of applying for a loan.

[penpavan]

Originally Posted by fordday

can you give us some first hand hand experience about the benefits? I am also in the process of applying for a loan.

Well it takes some patience to explain it. And I might not be at my best memory now. But what I will say in simple terms is that:
Every month your interest part of the EMI is calculated on the outstanding loan amount. And this outstanding loan amount is = your loan amt - any extra money you have deposited in the loan account. This extra money you have deposited will be available for you to withdraw. If not withdrawn, this will reduce your total outstanding, and thus reduce your interest, and therefore reduce your term.

I have summarized it to the best extend, but don't claim the same if you ask me if it is clear. Try googling. There are a plenty of explanations.

I have benefited from it a lot. I mean it.

[ghodlur]

Originally Posted by penpavan

Every month your interest part of the EMI is calculated on the outstanding loan amount. And this outstanding loan amount is = your loan amt - any extra money you have deposited in the loan account. This extra money you have deposited will be available for you to withdraw. If not withdrawn, this will reduce your total outstanding, and thus reduce your interest, and therefore reduce your term.

I have benefited from it a lot. I mean it.

Thats the perfect explanation. I had a MAx gain home loan account from SBI and definitely benefitted from that. Its kind of a current account where the extra money is parked and the interest component is calculated as per the balance in the account. The parked amount is available for withdrawal any time.

Even Stanchart and a few other banks have this type of loan. Even my second home loan will be again from SBI and that too Maxgain only.

[bejoy]

Originally Posted by ghodlur

Thats the perfect explanation. I had a MAx gain home loan account from SBI and definitely benefitted from that. Its kind of a current account where the extra money is parked and the interest component is calculated as per the balance in the account. The parked amount is available for withdrawal any time.

How often you could withdraw the amount? I have a MaxGain account and I am not given the operating privileges through net banking. I was told that I can only deposit money to the account and for withdrawing I need to contact the bank. When I login to the SBI net banking portal, I get to see only the loan account. Is it so? What about the 'current' account?

[ghodlur]

Originally Posted by bejoy

How often you could withdraw the amount? I have a MaxGain account and I am not given the operating privileges through net banking. I was told that I can only deposit money to the account and for withdrawing I need to contact the bank. When I login to the SBI net banking portal, I get to see only the loan account. Is it so? What about the 'current' account?

For withdrawing the amount you need to do a net transfer from Maxgain account to your savings account similar to what you do when you transfer funds to Max gain account. Should be possible. Contact your bank branch if its access issues.
The OD account acts like a current account where the interest is calculated on monthly basis on the amount available in the account.

[penpavan]

Originally Posted by bejoy

How often you could withdraw the amount? I have a MaxGain account and I am not given the operating privileges through net banking. I was told that I can only deposit money to the account and for withdrawing I need to contact the bank. When I login to the SBI net banking portal, I get to see only the loan account. Is it so? What about the 'current' account?

You shall get a debit card and a cheque book on request only after your property is registered and bank completes the mortgages formalities. Not until then.

[ghodlur]

Originally Posted by penpavan

You shall get a debit card and a cheque book on request only after your property is registered and bank completes the mortgages formalities. Not until then.

As per my infomation, no cheque book or debit card is issues for the Maxgain account. The Maxgain account is opened/visible only after the loan in sanctioned.

[fordday]

Thanks penpavan and ghodlur. I have attached an excel file found in the internet that claim to show the maxgain benefits. Does it actually work like that?

[ghodlur]

Originally Posted by fordday

Thanks penpavan and ghodlur. I have attached an excel file found in the internet that claim to show the maxgain benefits. Does it actually work like that?

Yes it does work that way. For test purposes try inputing an amount every month or an lumpsum amount and see the difference in the Interest calculations and principal repayment.

[shipnil]

Originally Posted by ghodlur

As per my infomation, no cheque book or debit card is issues for the Maxgain account. The Maxgain account is opened/visible only after the loan in sanctioned.

This is not true. I have a check book of Maxgain account. Also, debit card could be issued on request but the Manager was of the opinion that people put large amounts of money into Maxgain hence if the debit card were to fall into wrong hands, it could be used to withdraw large amount of money. He suggested me to open one separate savings account and get a debit card for that account. Transferring money from Maxgain to the SBI savings account is instantaneous (online).

[penpavan]

Originally Posted by ghodlur

As per my infomation, no cheque book or debit card is issues for the Maxgain account. The Maxgain account is opened/visible only after the loan in sanctioned.

Not true. There will be a chequebook and a debit card for you. As I said, you can get it only after you register your property and bank gains your sale deed.

Originally Posted by shipnil

This is not true. I have a check book of Maxgain account. Also, debit card could be issued on request but the Manager was of the opinion that people put large amounts of money into Maxgain hence if the debit card were to fall into wrong hands, it could be used to withdraw large amount of money. He suggested me to open one separate savings account and get a debit card for that account. Transferring money from Maxgain to the SBI savings account is instantaneous (online).

I agree. But that's a case with any bank account which will have lot of money. Moreover there is no benefit if you cannot have a debit card on your Maxgain acc. How you will withdraw that extra money you have put?
In my opinion you should take the debit card and cheque book and use it to your advantage. And yes it works exactly like that excel sheet.