I have few queries @ Maxgain loan.1. How maxgain works if user has taken loan against under construction property? As per my knowledge if loan is approved of rs 30 lakhs , by choosing full emi option the emi is calculated on interest on 30 lakhs(23000- considering 9.5 interest rate + principle.But, in case of under construction bank has disbursed 3 lakhs, then interest gets calculated on 3 lakhs (i.e.3000), Then in this case in user’s ODD account difference between 23000-3000 gets added. Am I correct?And from next month the intrest gets calculated on 3000000-20000 = 2980000(that may be (19000) but in full emi the user is paying 23000 per month, so my query is Q1. The difference between 23000- 19000 = 4000 is added in OD account?ORQ2. it is deducted from DP?
When the bank lend you partial amount as per schedule and the full EMI started from the first disbursement, then the EMI will be structured in such a way that based on particular disbursement schedule the amortization fixed. When the first disbursement is just Rs.3 lakh from the loan amount of Rs.30 lakh, in EMI part, the most amount will be re-paid towards principal. Interest will be calculated only on Rs.3 lakh. Here, OD will not come into picture at all. The loan account act like typical housing loan. OD account or available balance will come into picture, when you deposit any amount.
Basu, Thank you! Thanks for your your reply, but still confused. Can you please give me an example?
Let me write a detailed post on this. Because it is hard to explain everything in commenting 🙂