Hi – I reqd your blog on – //www.basunivesh.com/2015/04/07/all-about-sbi-maxgain-home-loan-scheme-features-and-benefits/
And found it interesting. I have taken Maxgain loan in July 2015 for an under construction Flat. I am only paying interest so far and PDC will exhaust by FEB 2017 but construction as per its schedule is still in progress. out of 34Lacs, i have only taken 17.5Lacs and rest i had paid it directly from my pocket to builder on every demand accordingly.
- I have a surplus of 10Lacs – if I deposit them in Maxgain account, will there be still deduction of EMI on monthly basis additionally expected in the loan account? I understand – I cannot withdraw any until possession, which is ok for me.
- Actually – I am earning in EUROS and convert the money in INR only when rates are good. And at the same time, I do not intend to wait for every month for the EMI Date and pay at that time. In Short wanted to do Advance EMI and do not have to pay at least for next 6-8 months. – is this possible?
For point 2, I contacted the bank and they said – No matter I put surplus and all, but EMI deduction will be still expected monthly even I do advance EMI payments for next 10 months. Meaning penalty for non-EMI payment if not in the subsequent month of EMI payment. Which sounds to me nonsense.
Can you please suggest what can be done and which part of the understanding correct here? What if the person wants to make advance EMI payment and do not want to every month EMI deduction – by which I save interest on my surplus money I have today.
Or is that I keep 10 months EMI with me and every month – I keep depositing the same although I have them in advance.
NOTE – so far, I have not given any EMI Debit instructions to the bank and I intend to do the same via Netbanking option.
Many Thanks in Advance
- EMI will continue as usual but the interest part of your EMI will be credited back to available balance as an earning towards your deposit.
- Yes, you can instruct bank to withdraw the money from available balance every month. However, considering their rigid nature, I don’t think they will provide such facility before possession of property. However, once the property is in possession, then you can request for such deduction directly. Like every month automated credit back from available balance to your savings account and let they withdraw the money from your savings account towards the EMI.