I have taken SBI MaxGain Home Loan of 24 lakhs in June 2014 from SBI for a Flat in Noida. There was amortization (don’t know correct word) period of 1 year and then EMI started. I took 19.5 Lakhs from the SBI bank. However, final demand of 4.5 Lakhs, I paid myself (August 2016) without asking loan. So, eventually, i didn’t take full disbursement from Bank. I have following queries where i need your support: 1. Can i avail the benefit of keeping surplus amount and taking out whenever required? 2. Do i have to inform bank that i don’t need any further money from them? If i don’t inform bank and continue to pay EMI then does that impact me like more interest or panelty etc? 3. Any suggestions how can i take use of maxgain
- During under construction period, if you deposit any surplus in this loan product, you are not eligible to withdraw it.
- Yes, you must inform.
- It is useful if you have surplus cash. You can utilize this product to park your emergency fund or any cash which you don’t know when you return it back. By doing this, you can save interest part on home loan also can utilize as an emergency fund parking facility.