Hi, first of all sincere thanks for helping out so many investors/people. First, let me share with you my Maxgain loan credentials:
Property: Under construction
Description: SBI HL MAXGAIN OD(WOM-OCT15)
Book Balance: -30,00,000.00
Available Balance: 32,00,000.00
Drawing Power: 62,00,000.00
Rate of Interest (% p.a.) 9.45%
I have following ques:
Q1: First, is EMI calculated on Book Balance or Limit amount, i.e. sanctioned amount or till date taken amount?
Q2: What could be my net savings if I switch to new MCLR+spread (8.75%)? Pls note that SBI is asking switching fee (0.35% of drawing power)
0.30 % of outstanding amount + 18% GST on conversion fee to be payable for converting to MCLR current rate applicable for Max Gain. After conversion, max gain loan rate will be 8.70 and not 8.35%.
Thanks for your updates.