SBI Maxgain Home Loan

CIBIL Score	Regular Home Loan	CRE Home Loan
More than or equal to 800	9.55% p.a.	9.65% p.a.
750 to 799	9.65% p.a.	9.75% p.a.
700 to 749	9.75% p.a.	9.85% p.a.
650 to 699	9.85% p.a.	9.95% p.a.
550 to 649	10.05% p.a.	10.15% p.a.
No CIBIL Score	9.75% p.a.	9.85% p.a.

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Note: SBI has rolled out a limited period festive season offer for all its customers. Under this offer, borrowers will be able to avail home loans from SBI at interest rates starting at just 6.70% p.a. The processing fee for the home loans will also be waived off during this period. The offers can be availed by all borrowers irrespective of the loan amount. During this offer period, non-salaried borrowers will also be eligible for incentives.

For minimum EBR, 9.15%, women borrowers can avail themselves of a concession of 5bps.

Features and Benefits

1. The loan is sanctioned as an overdraft. An overdraft is a credit line which is provided to customers against security. Interest is charged only on the amount withdrawn.
2. No extra charges to avail this loan.
3. The processing fee is the same as a regular home loan.
4. Cheque book, debit car3 and net banking facility is provided.
5. The minimum loan amount is Rs. 20 lakhs. There is no maximum limit.

Experts recommend saving interest on loans rather than earning interest on investments in FDs. You are likely to get 1-3% higher savings. If the parked amount is higher than the loan amount, you can also earn 4% interest on it.

Eligibility Criteria

The eligibility for this loan is the same as a regular SBI home loan.

1. Minimum age - 18 years on the date of sanction
2. Maximum age - 70 years by which the loan should be repaid, also subject to ability to repay.
3. Income and repaying capacity, assets and liabilities, cost of proposed house/project will be accounted for.
4. Sanctioned for the purpose of purchase/ construction/ extension/ repairs/ renovation of new/ second-hand residential house/ flat/ plot of land and furnishings.

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FAQs on SBI Maxgain Home Loan

• Are there any extra costs to avail the SBI MaxGain home loan?

  No, there is no extra charge to avail this loan. If the loan exceeds Rs. 1 crore, 0.25% premium is applicable on the interest charged.

• How is the rate of interest determined?

  The rate of interest is calculated on the base rate issued by the RBI plus the prevailing floating rate which is subject to change from time to time. The bank has the option to increase or decrease the EMI or extend the repayment period when there is a revision in interest rate. Interest is applied on the loan amount at the prevailing rate per annum on daily reducing balance with monthly rests.

• I have purchased a plot under the MaxGain home loan scheme. Is there any time limit to begin construction?

  Under the MaxGain Home Loan scheme, you need to begin construction up-to/within 3 years of taking the loan.

• How do I use the MaxGain Home Loan account?

  You can use the MaxGain account like a regular savings account. You can avail of cheque book, debit card and net banking facility.

• How can I maximize my savings on interest?

  In order to maximize your savings on interest, park any surplus funds in this account. Start using the account as the primary savings bank account. Make all your transactions on this account like credit card payments, shopping, payment of utility bills, and so on. You could schedule a transfer of the fixed EMI to the account prior to the due date. This way you earn a reduction in the interest you owe using the EMI itself.

• Are there any charges on a debit card availed through my MaxGain account?

  There are no charges as such, but since it is an overdraft account and not a savings account, a fee is chargeable on any transaction made on the card from another bank's ATM.

• How can I calculate my savings on interest?

  The bank will provide you a loan amortization schedule at your request. You can compare the scheduled interest outgo with the actual interest using this schedule.

• Can I get any tax deductions for the surplus amount parked?

  No, since it is not a pre-payment of the loan, any amount that you deposit in the MaxGain account will not be considered for tax deduction under Section 80C.

• Can I transfer my current home loan to MaxGain?

  Yes. Speak to your loan manager and request for the following - Complete loan Account statement. List of Documents (LOD) that you submitted at the time of availing the original loan. Outstanding loan balance with applicable interest, penalty or any other fee to close the loan.

• Are there any interest-free or grace period before the interest clock begins?

  There is no interest-free period. The interest starts as soon as the loan is disbursed. You are allowed to take a payment break for an 18-month period on a new flat.

• I deposited surplus funds but I cannot withdraw. Why?

  If you have deposited surplus fund before full disbursal of the loan or for under-construction property, it cannot be withdrawn until complete disbursal. There will be a reduction in interest outgo because of this deposit and interest saved will get added to available balance. However, you cannot withdraw it till you get possession.