I have a SBI max gain loan of 50 lacs with have opted for pre-emi (loan tenure 20 years). Moratorium period of 18 months.
Following are my questions
- During this moratorium period can I pay towards the principal also for the amount disbursed( a kind of Tranche based )
- As I have opted for a moratorium period of 18 months, can I reduce it.
- You can pay towards principal. But you have to inform to bank.
- You can request for modification (reduce) moratorium period by requesting bank officials.
I have taken Max gain home loan from SBH bank on august 2015 and had taken 12 months (moratorium period) time to start paying EMI. Started EMI in August 2016. I am paying EMI every month. Bank is now saying since I have taken Max gain loan my interest for the 12 months period has added which I have to pay by april 2017. Bank is saying if I had taken normal home loan they would have added the interest 12 month repayment period to the loan amount and adjusted in EMI but as I have taken Max gain they are asking me to pay interest of 2 lakhs. Pls advice. Thanks, Ashok