I have a SBI Max gain loan account. I have loan due of 38 Lac and i have already deposited 39 Lac. I have few questions now:
- Will there be credit of interest in my account instead of debit from now on?
- Will i get the interest on the surplus amount with the same rate as of my home loan?
- If i do not intend to pay off the loan with the surplus amount can i continue in this state for rest of the loan period?
- If i intend to buy a 2nd house will i get any kind of benefit with this credit?
- I have an insurance from SBI for this house and 2Lac was sanctioned additionally for that and i was told that insurance premium will be automatically paid from this account. Am i liable for any fine/penalty if insurance premium is not paid on time from SBI loan account?
Thanks a lot in advance.
- If loan tenure not completed, then EMI will go regularly and will be credited back to your available balance.
- No. Because they are smarter than you 🙂 It will be idle cash.
- Yes, many do in this way just to get the tax benefit on principal and also managing the emergency cash.
- There will not be any penalty. But if you not paid the premium, then the policy will be lapsed.