Among a variety of home loan products offered by the State Bank Of India, SBI Maxgain Home Loan is a great product.
SBI Maxgain Home Loan is a product where you can easily sum up your surplus fund with the home loan. This will reduce the interest considerably as interest will be charged on the difference of the principal amount and the surplus fund.
It works on the policy of floating interest rates i.e, interest rates will vary according to the RBI guidelines and market conditions.
Attributes Of SBI Maxgain Home Loan
- Under this, Debit Card, Cheque Book facilities are provided.
- The a/c of this home loan is an Overdraft (OD)a/c. An OD is the credit line which is provided to the customers against the home as a security in place of the surplus fund deposited.
- The minimum limit to the home loan amount is Rs. 20 lakhs. There is no limit on the maximum a/c.
|Eligibility Criteria||SBI Maxgain Home Loan|
|Minimum Income||Rs. 25000 and above|
|Experienced for Salaried Individual||2 years|
|Stability of Self-Employed(Business) individual||5 years|
|The range of Loan Amount||Rs. 15 lakh- Rs. 10 crore|
|Range Of Loan as % of Property Value||75%-90%|
|Maximum EMI as % of Income||Up to 65%|
- Duly filled form of SBI Home Loan.
- Id proof (AADHAR Card, PAN Card, Driving License)
- Passport size photographs.
- Residence proof (Any utility bill- Electricity or Gas bill)
- Statement of Personal Assets and Liability.
- Payslip for last 6 months.
Statement of A/c
- Bank statement for last 6 months.
- The loan a/c statement for last 1 year, if any previous loan is taken.
- Signature Identification from the banking institution.
Statement Of Property
- Bank a/c statement of all the payments made to builder/seller.
- Certificate of Occupancy (for ready to move property)
- Electricity/Maintenance Bill/Receipt of Property.
- Stamped Agreement for Sale/Allotment letter.
- Construction permission (when applicable)
- Conveyance deed (for a new property),
- Approved plan xerox blueprint copy and Registered Development Agreement of the builder.
Documents for Guarantor (Wherever required)
For Non-Salaried Guarantor
- Address and Residence proof as above.
- Passport size photographs.
- Proof of business address and license details.
- Statement of Personal Asset and Liability.
- Profit & Loss a/c and Balance Sheet for last 3 financial years.
- Qualification details (for professionals- Doctor, Lawyer etc)
For Salaried Guarantor
- Salary slip of last 3 months.
- Copy of IT return for last 2 financial years or a copy of Form 16 of last 2 years.
|Amount of Loan||Floating Interest Rate||SBI Maxgain Interest rate|
|Upto Rs.30 lakhs||8.50%||8.50%|
|Rs.75 lakhs-Rs.1 crore||8.75%||8.85%|
|Above Rs.1 crore||8.75%||8.85%|
Advantages Of SBI Maxgain Home Loan
- Lowering of the interest rates – The surplus fund deposited in the Maxgain a/c will be reduced from the loan amount. The principal amount is then decreased, so it lowers the interest rate.
- Tax Benefit – The money deposited in the a/c of the maxgain has the facility of tax benefit. It is to be noted that the tax benefit will be possible if the amount is equal to the home loan.
- Parking Surplus Money – If you deposit the surplus fund in the Maxgain a/c, then it can be later used for other useful requirements. Moreover, it helps in reducing the burden of the home loan repayment.
- Facility of withdrawing the money at any time – Due to any medical emergency or some other requirements, you can withdraw the surplus money at any point of time.
Disadvantages of SBI Maxgain Home Loan
- Limited Benefit of Tax – If the investment amount is more than the home loan, then tax benefit is not possible. The amount should be equal to the home loan, then only tax benefit is available.
- Absence of Awareness – SBI Maxgain Home Loan is not so popular in the market. It involves a complicate understanding which is a little bit difficult for an average individual.