The distinction between the account balance and the available balance is that the former is the amount youre credited with possessing, while the latter is what you have to spend. In sbi maxgain parlance, book balance will be positive in undr this situation. A nil balance indicates you have used the full value of the approved loan. How sbi maxgain home loan scheme helps you to reduce interest. Sbi max gain is a kind of overdraft account, its not the usual type of home loan. You can opt to reduce either your loan tenure or loan emi. This sbi home loan facility can be used as savings account. Sbi max gain overdraft account article silicoindia. Jan 29, 2014 39 responses to sbi max gain home loan 2nd video. Note here that this does not mean that you have repaid the full amount. The benefit of sbi maxgain is that it comes with an over draft od account. You can withdraw money from this account, and should must ask your bank to provide you a cheque book and an atm card.
Do i need to pay interest on book balance amount or limit amount if i didnt utilize available balance 1,23,495. How sbi maxgain home loan scheme helps you to reduce interest rate burden. Positive book balance in maxgain od account means that you have repaid the total loan amount. A book balance means the amount of funds you have cleared as of the end of the last banking day 4pm on weekdays. Once the loan is disbursed, amount disbursed will be displayed underbook balance in your loan ac and from that dayas your dds are issued your interest starts. May 27, 20 my maxgain started from august my loan is 3545000, my available balance on 29aug2016 was 430018, on 30th aug2016 i removed 15000 from my available balance, so the amount in available balance became 415018, 31aug2016 interest gone was 25189, on 3sep2016 emi gone was 29809. Oct 22, 2018 book balance is the difference between drawing power and available balance. Sep 27, 2018 transfer balance amount from sbi savings to maxgain over draft account, so that book balance is equal to 0. Sbi maxgain is applicable for both woman salariednonsalaried borrowers and for other customers categorized into salariednonsalaried borrowers. Whats the difference between my account balance and. How i closed sbi maxgain home loan account in 1 day.
I have taken sbi maxgain home loan with below details oct 2015. Can someone expert explain the sbi max gain in detail. Things to keep in mind if you have sbi maxgain loan. You can consider such scheme and park your liquid finances and get benefit from home loan interest. The amount that you are saving because of zero interest will show up as av. Hence, you dont earn any interest on the extra amount. Sbi max gain home loan 2nd video asan ideas for wealth. Description sbi h l maxgain od book balance 22,79,781. Please check image below, available balance here is 1084177.
Oct 26, 20 dear friends, this is my first video on sbi max gain. Funds on deposit prior to any adjustment for check clearing, float funds or reserve requirements. Apr 09, 2014 how sbi maxgain home loan scheme helps you to reduce interest rate burden. Sbi maxgain home loan account, park money, higher savings. Jun 07, 2014 book balance book balance may be referred to as the balance per books, and it is the amount shown in the companys records. As per my understanding, i have deposited more amount than the actual loan liability i. Sbi opens the loan as an overdraft account and issues a debit card and cheque book. Available balance end of month book balance end of month 23. As i have a home loan ongoing, i generally tend to park all my savings into this account which works both as savings and a loan account. As drawing power is 35,00,100 and available balance is 1,00,000. Contact your bank representative if you have further questions regarding your sbi maxgain loan. I have some cashflow to start emi and want to reduce the interest amount. This means one can withdraw any amount from this overdraft limit and also credit back when he has surplus back into it and hence saving the interest. Experts answer frequently asked questions about sbi maxgain.
This account helps you save on your emi payments, this is how it works. All about sbi maxgain home loan scheme features and benefits. If a check deposit has not been cleared by the issuing bank, the funds will. You have 10,000 rupees extra sitting in your savings account earning about inr 33. May 26, 2019 sbi maxgain home loan is the loan offered by sbi which provides an overdraft loan facility for the home loan.
Sbi max gain home loan how does it work iref indian real. Book balance book balance may be referred to as the balance per books, and it is the amount shown in the companys records. Available balance is the balance in an overdraft account that has not been withdrawn yet and is ready for use. For credit cards, the meanings are a little different. Lets take a look on prerequisite for getting access to sbi maxgain. This overdraft account is similar to a savings account. Welcome to the largest and most trusted home loan provider in india. Available balance is the banks way of offering you a safety net. Please note below points about sbi maxgain home loan. Ill prepare more such videos, depending upon your views, comments, queries.
Dec 18, 2018 the benefit of sbi maxgain is that it comes with an over draft od account. We also have a large number of sbi preapproved projects that you can check out. Please check image below, book balance here is 782875. If you deposit a personal check, for example, the funds may be listed in your account balance immediately, but your bank may place a hold on the funds for a few days. Most of the time, your purchases take a few days to actually clear your account.
Description sbi h l maxgain od apr15 name xxxx book balance 8,15,169. Sbi maxgain why should you choose this home saver loan. This will reduce the interest considerably as interest will be charged on the difference of the principal amount and the surplus fund. After the conversion, my maxgain appeared as follows. Sbi home loan how to pay less interest with the max gain. In view of the foregoing, a new home loan product which has been christened as sbi maxgain, has been launched in 2005.
Its calculated as drawing power minus available balance. It is common for the book balance to not agree with the balance on the bank. The available balance may also be less because of uncleared funds, such as a cheque. Book balance is the difference between drawing power and available balance. I have taken sbi maxgain home loan recently and today my first emi was deducted.
The maxgain calculator allows you to calculate the savings in comparison to regular home loan. Available balance 78,00,000 drawing power 78,00,000. Sbi maxgain confused between available and book balance. Apr 07, 2015 description sbi h l maxgain od book balance 22,79,781. Increases your available balance and reduces your book balance. For example, the book balance at june 30 refers to the balance in the companys general ledger account cash or checking account. Balances in checking or ondemand accounts where there is a delay in crediting funds to an account. In maxgain you will see the following accountsbook balance. I have borrowed sbi max gain home loan that has been partially disbursed to me. Help me in understanding sbi max gain home loan statement. Dear friends, i have uploaded the 2nd video on sbi max gain on my youtube channel.
How does the sbi maxgain home loan scheme calculate the. You can browse through our range of home loan products, check your eligibility and apply online. Apr, 2015 i have taken sbi maxgain home loan with below details oct 2015. Both existing prospective customers having minimum balance of rs. Book balance is nothing but the difference of drawing power and available balance. Available balance 81,00,000 drawing power 78,00,000. Sbi maxgain home loan is a product where you can easily sum up your surplus fund with the home loan. This will be applicable for the entire month except the period between the last day of the month when interest is debited to the max gain account and the next emi date when the balances are rest to reflect the emi. The sbi maxgain home loan gives borrowers the benefit of using their temporary surplus money to reduce the interest payable on their home loans. Sbi maxgain home loan scheme is a unique scheme offered by state bank of india, which works like an overdraft in your bank account. The bank still needs you to pay the balance accrued interest to be paid till the date when you actually close the loan. Sbi maxgain account how does sbi maxgain home loan work.
For loan accounts, an available balance may be an amount available for you to draw down, or redraw or use as a line of credit. Also you can opt for emi as standing instruction from that savings ac. So my full emi rs 19633 started from first month itself ie october 2012. The balance on june 30 in the companys general ledger account entitled checking account is the book balance that pertains to the bank account being reconciled. This is the amount on which you pay the interest on. The interest component will be zero, but the principle component will still be the same as your original amortization schedule. My maxgain started from august my loan is 3545000, my available balance on 29aug2016 was 430018, on 30th aug2016 i removed 15000 from my available balance, so the amount in available balance became 415018, 31aug2016 interest gone was. Therefore, make sure that the excess account balance never breaches the principal outstanding. Sbi maxgain home loan is an innovative product that enables you to earn optimal yield on your savings by reducing interest burden on your home loan, at no extra cost.
For an individual, the book balance is likely to be the balance appearing in the persons check register. If you have a savings ac with sbi any branch they will link maxgain ac with that account. I have sbi maxgain on clp plan and i am paying interest only. Since the interest is calulated on a daily reducing balance, your interest. Customers availing home loan under this scheme get an overdraft by sbi of an amount equivalent to the loan amount sanctioned. Transfer balance amount from sbi savings to maxgain over draft account, so that book balance is equal to 0. Aug 11, 2016 yes, the loan will continue till 240 months.
The book balance will decrease and available balance will increase by a equivalent amount. Overdraft home loan account sbi maxgain as pof canada. Sbi maxgain home loan features, benefits, advantages and disadvantages duration. There is no interest paid out by sbi if the book balance in maxgain account is positive. Jan 29, 2014 this feature is not available right now. Book balance is nothing but difference between drawing power and available balance. I have transferred addition one lakh into my maxgain account but somehow calculation does not match. Its the adjusted loan amount arrived after deducting the available balance amount from drawing power. Sbi home loans offers a one stop solution to a home buyer.
The withdrawable surplus will be reflected in your account as available balance. Dear friends, this is my first video on sbi max gain. In your account statements its shown with a negative sign. For instance, a home loan customer has funds for a while but cannot use it to foreclose the loan, instead has other obligations in the near future, heshe can put this money in the maxgain home loan. Drawing power means it is not the total amount taken it is the total outstanding balance. Sbi maxgain home loan loan amount interest rate emi surplus balance end of month available balance end of month book balance end of month drawing power end of month balance end of month surplus deposit withdrawal amount final disbursement date disclaimer enter the loan information author. However, to open a sbi maxgain account, minimum home loan amount should be rs 20 lakh and there is no upper cap. The book balance is the term banks use to describe the amount of money available. As per my understanding, i have deposited more amount than the actual loan.
I took a home loan from sbi in october 2014 and started paying emi since november 2014. The interest rate on the home loan will be calculated on the outstanding balance of loan minus balance in the current account. It works on the policy of floating interest rates i. If you avail this facility, you will also get cheque book or net banking facility for accessing sbi maxgain. Sbi maxgain is an overdraft facility, which also operates like a savings bank or a current account.
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