SBI Maxgain Home Loan | Pros And Cons Of Maxgain Home Loan Over Home Loan

SBI Maxgain Home Loan

The SBI Maxgain home loan provides the benefits to the customer that he can use his proper surplus money to reduce the interest that he has taken on their home loans. Do you want to know more about SBI Maxgain Home Loan then you are come at perfect place because we have provided all the important facts along with Pros and Cons of Maxgain Home Loan over Home Loan on this article. This loan is authorized as an overdraft which works as a savings bank or current account and you can utilize it as a regular savings account.

Mostly peoples think where they park their surplus amount and they choose the option of saving account, but in actually it is not best saving option. A home saver loan offers you the best option in which you can park your money and also take out it in any adverse situation or daily expenses purpose. This money assists you to reduce the interest on the loan amount and you can complete your loan faster.

SBI Maxgain Home Loan MCLR Rate

Category Home Loan – Maxgain 20 Lacs to 75 Lacs Home Loan – Maxgain Above 75 Lacs
For women 35 basis points more than the 1 Year MCLR i.e. 9.25% p.a. 70 basis points more than the 1 Year MCLR i.e. 9.60% p.a.
For others 40 basis points more than the 1 Year MCLR i.e. 9.30% p.a. 75 basis points more than the 1 Year MCLR i.e. 9.65% p.a.

Read AlsoThings To Consider Before Taking A Home Loan In India 

Difference Between Maxgain Home Loan And Home Loan

Facts SBI Maxgain home loan Regular home loan
EMI EMI constitutes principal + interest. principal part is fixed and interest rate varies EMI constitutes principal + interest. fixed as per schedule
Lon tenure Fixed Fixed
Liquidity of surplus deposit Users can withdraw it any time If you pay loan then there is no liquidity
About interest rate Interest will be calculated as per book balance. Interest rate will be calculated as per amortization.
Additional facility You can use as SBI A/C BY submitting your money No such type of facility
Tax There is no benefit on interest which the user earned by depositing Under section 80.C and section 24, Principal amount and interest be a part of tax benefit.
Complexity Complex to understand Easy to understand

You May Like To Read – Benefits Of Home Saver Loan 

Pros Of Maxgain Home Loan

  • An overdraft is a credit line which is offered to clients against security and these loans is sanctioned as an overdraft.
  • Customer no needs to pay any extra charges for this loan.
  • The loan processing fee is as similar to regular home loan.
  • You also acquire Cheque book, debit card, net banking facility and many more.
  • The minimum limit for this loan is Rs. 20 lakhs.
  • One of the biggest advantages is that there is no maximum limit.
  • Saving interest on loans is far better option than investments in FDs.
  • If the parked amount of customer is more than loan amount, he may also receive 4% interest.

Cons Of SBI Maxgain Home Loan

  • Negative points in SBI Maxgain home loan scheme
  • If your property is under construction then you can’t withdraw surplus money.
  • User can’t reduce his savings for miscellaneous expenses.
  • If the user wants to construct the house within 3 years, he has to pay high interest like any other home loan scheme.

Read Now – Best Home Loans For Low Income Earners

Eligibility Criteria For SBI Maxgain Home Loan

  • The minimum age of this loan is 18 years.
  • The maximum age of this loan is 70 years.
  • Bank also checks the repayment capacity of applicant.
  • You can apply for this loan for the purpose of construction, extension, repairs and renovation etc.
  • Applier must have all the required documents.
  • Applier must have regular income source.
  • Minimum employment tenure in India or Abroad must not be less than 2 years.

Know About – Best Home Loan Banks In India

The biggest advantage of SBI MaxGain Home Loan is that it reduces the interest on home loan. For example, if a person has taken the home loan and he has also surplus amount but he parked his money in saving account so, he has not taken any benefit. While on the other hand if he parked his money SBI MaxGain home loan account then the surplus is deducted from the principal loan amount, hence the interest would be reduced. He is also applicable to withdraw his money in any misshapen.


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