Max Gain

SBI MAXGAIN

HOME LOAN AS AN OVERDRAFT

· An innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost.

· The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like SB or Current Account. Bank also provides

Cheque Book/Net Banking facility for the purpose.

· The product enables customers to park their surplus funds/savings in

“SBI Maxgain” (with an option to withdraw whenever required), especially in the wake of low yields on other Deposit/Investment products.

Loan Amount

· Minimum Loan Amount: Rs.20 lacs
Maximum Loan Amount: No Cap

(Other terms and conditions are as applicable to regular Home Loan Scheme)

SBI LOAN EMI SAVING

Today’s highly competitive Indian home loan market, buyers have great flexibility in choosing their financier. Lenders are trying to attract prospective borrowers with flexible repayment and loan offers, which have never been seen before in the Indian home loan market.

Home Saver loan accounts is one such attractive housing loans scheme, in which banks allow you to open a savings or current account, which is linked to your primary loan account. Any amount in this linked amount works to reduce your overall outstanding principal loan balance and considerably reduces your overall interest burden. Please read our blog post on home Saver loan accounts to know more about these accounts in detail.

SBI Maxgain Advantage Home Saver Loan Account

SBI Maxgain advantage is one such home Saver loan account, which is primarily customizing for customers wishing to opt for an overdraft facility for their housing loans. State bank of India provides the loan account similar to a saving or current account. You can park your surplus funds in the loan account, which effectively earned the interest on the same rate.

SBI Maxgain advantage home loan scheme serves to minimize your interest costs by enabling you to park your surplus fund in SBI Maxgain (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposits and investment avenues.

5 Practical tips to derive maximum Benefits of SBI Maxgain Advantage

Always transfer the salary and other incomes to the OD account as soon as you receive them.
Try to avoid using ATM card for the OD account. This is important because this account is expected to allow large withdrawals. It may prove to be a costly mistake in case you happen to lose your ATM card and somebody try to misuse it.
If you are comfortable using Internet for net banking, then you can open in another saving bank account in the same branch and transfer money from your OD account to this new saving bank account as and when required. You can use the ATM card from this new saving bank account which will protect your OD account from the risks of fraud.
Make it a habit to use your OD cheque-books. You can get unlimited OD cheque-books without any cost.
Close all other bank accounts, if possible, and transfer the un-utilized amount lying there to your OD account.

Purposes for which you can avail SBI Maxgain Advantage Home Loan

To purchase or construct a new/old house/flat
To repair/renovate/extend/alter an existing house
To purchase ready built flat/house/apartment from cooperative Group housing societies/State Govt. Housing Board/other Govt. Agencies/ private builders of repute.
To furnish/purchasing consumer durables for a new house

Demerits of SBI Maxgain Advantage home loan

The flip side of SBI Maxgain Advantage home loan scheme is that it is suitable only in cases when a good amount is lying un-utilized in your savings or current accounts. If this is not the case, then you may not be able to derive the maximum benefits from this loan scheme.

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