I would like to understand the SBI maxgain home loan interest calculation. I am planning to switch my home loan to maxgain now. From different forums, I understood that the maxgain will calculate interest on daily basis. (to utilize interest benefits on surplus amount). But When I am checking different calculator available online, I see there is a difference in interest.
For example, if I take a loan amount of 10L
Loan Amount : ₹10,00,000.00
Interest Rate : 10
Loan Tenure (months) :240
With above details, EMI will be 9,650.22 and for first month, principal will be ₹1,316.88 and interest is ₹8,333.33. But If I calculate on daily interest basis, principal = ₹ 1,705.01 and interest = ₹ 7,945.21.
Can you please let me know which one will applicable for maxgain ?
2. In maxgain, will principal and interest deduct on different dates rather than full emi on a particular date ?
I have seen that interest deducting on last day of the month and principal on pre-defined EMI date
The difference occurred in interest calculation because the interest rate is annual compounding but not on monthly or daily basis. If you need split of that, then ask SBI Officials. Both interest and principal will be deducted on a single day.