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SBI MaxGain Home Loan

SBI MaxGain home loan sanctions housing loans as an overdraft. Under this SBI home loan scheme, borrowers are required to pay the Equated Monthly Instalments (EMIs) like a regular SBI home loan. The Drawing Power available on the Overdraft will be decreased monthly to the extent of the principal balance amount. Read below to know more about SBI MaxGain.

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SBI MaxGain Home Loan Details

Minimum loan amountRs. 20 Lakhs
Maximum loan amountNo limit on maximum amount
Rate of interest8.45% p.a. onwards
Additional facilities Cheque book, debit card & net banking 
Type of loanOverdraft
Minimum monthly incomeRs. 25,000

Additional Info: Also check Home Loan for Salaried Employees

SBI MaxGain Features and Benefits

Following are the key features of SBI MaxGain Home Loan:

  • The SBI MaxGain home loan is sanctioned as an overdraft facility under which a credit line is provided to the borrowers against security. The interest is charged only on the amount the borrower withdraws.
  • The minimum amount offered under this loan is Rs. 20 lakhs and there is no limit on the maximum home loan amount.
  • SBI MaxGain home loan interest rate starts from as low as 8.45%.
  • There are zero additional charges to avail this loan.
  • The processing fee for SBI MaxGain is the same as a regular home loan.
  • The borrower gets additional facilities like cheque book, debit card, net banking, and so on.

Additional Info: SBI Home Loan Customer Care Number

SBI MaxGain Home Loan Interest Rate

Following are the SBI Max Gain interest rates in detail:

Loan AmountCIBIL Score/CIC ScoreApplicable Interest Rate
Up to Rs. 30 LakhsEqual to or greater than 8008.45% p.a.
Below 7509.05% p.a.
Above Rs. 30 LakhsEqual to or greater than 7508.45% p.a.
Equal to or greater than 700 to 7498.95% p.a.
New to Credit (-1)8.75% p.a.

25bps premium will be charged over & above the concessional home loan interest rate for MaxGain, CRE, and SBI Realty HL.

SBI MaxGain Home Loan EMI Calculator

Under SBI MaxGain home loan scheme, you can get 1% to 3% higher savings on interest rate. If the parked amount is more than the loan amount, you also get a chance to earn 4% interest on it. You can use SBI MaxGain Home Loan EMI Calculator to know how much you save on the interest cost of your home loan.

Additional Info: Also check Home Loan EMI Calculator

SBI MaxGain Home Loan Advantage and Disadvantage

Following are the advantages and disadvantages of SBI Maxgain scheme:

Advantages:

Easy to park your surplus money: You can use this account to park all your surplus wealth to reap many benefits as the money invested will grow and can be used for many purposes later as per your requirement. The parked money will also help in reducing the burden of home loan repayment by decreasing the principal amount on which the interest is applied and thus the overall interest cost would also reduce.

Additional Info: Looking for Plot Loan

No extra charges: There are no additional charges applicable for opening a MaxGain account. Applicants are only required to submit the required documents and the account will be opened instantly. However, this account can only be opened if you have taken a home loan of minimum Rs. 20 Lakhs.

Withdraw any time: Users can withdraw the deposited amount in a MaxGain account at any point in time for several reasons, such as alternative investment options, unexpected expenses, and so on.

Lower interest: The amount you deposit in your MaxGain account is deducted from the total home loan amount. This decreases the interest amount as the principal amount will be decreased. Thus, you can save a lot of money.

Multipurpose: You can use the MaxGain account for a variety of purposes, including the payment of utility bills, shopping, credit card payments, and so on. Cheque book and net banking facilities are available with this account, just like a regular savings or current account. 

Tax-free investment: The amount deposited in the MaxGain account is tax-free. However, tax deduction will apply only on the amount equal to the home loan amount.

ATM services: You can also avail of ATM services with an SBI MaxGain account, making the cash withdrawal from the account easier. However, the cash withdrawn from other banks ATMs will be charged to your MaxGain account as an Overdraft Account.

Disadvantages: 

Few tax benefits: If you want to get the MaxGain scheme because you see it as a tax saving option, then don’t. No home loan tax benefits can be availed on SBI MaxGain if the surplus amount deposited in the account is greater than the home loan amount. 

Lack of awareness: Most people are not aware of the MaxGain scheme as it is not famous enough compared to the regular home loans. It takes explanation and clarification to make people understand the benefits of this scheme. Moreover, the scheme functions only with an overdraft account, making it a bit difficult to understand.

Higher interest rate: The main SBI MaxGain disadvantage is that The interest rate on SBI Max Gain loan is higher than regular home loan. 

Additional Info: You can also check Best Home Loan Interest Rates

SBI MaxGain Eligibility Criteria

  • Age: Minimum 18 years on the date of application and up to 70 years when the loan is matured.
  • Purpose: This loan is sanctioned for the purchase/ construction/ repairs/ extension/ renovation of a new or resale residential house/ flat/ plot of land & furnishings.
  • Income: The applicant must be earning a minimum monthly income of Rs. 25,000.
  • Work experience: Salaried applicants must have a minimum work experience of 2 years whereas self-employed applicants are required to have a minimum experience of 5 years
  • CIBIL score: The minimum CIBIL score must be 650 and above.

Additional Info: Also Apply for Home Construction Loan

SBI MaxGain Home Loan Documents

  • Identity proof: Aadhar Card, Passport, Driving Licence, PAN Card, Voter ID Card.
  • Address proof: Aadhar Card, Voter ID Card, Electricity/Telephone Bill of the last 3 months.
  • Income proof: Salary slips of the last 3 months, ITR of the last 2 years, and credit report.

Additional Info: Also check Documents Required For Home Loan

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SBI MaxGain Home Loan FAQs

✅ How to Open SBI MaxGain home loan?

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Follow the steps mentioned below to open SBI MaxGain home loan account:

  • Visit your closest SBI branch.
  • Get in touch with an SBI executive to get details about SBI MaxGain and understand the application process.
  • Now fill in the SBI MaxGain home loan form.
  • You will have to submit all the required documents at this stage.
  • After successful verification of the documents and eligibility check, the bank will open your SBI MaxGain home loan account. 

✅ Can I transfer my current home loan to MaxGain?

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Yes. You can transfer your current SBI home loan to MaxGain by visiting the nearest branch of SBI and submitting the required documents.

✅ I have purchased a plot under the SBI MaxGain home loan. Is there any time limit to begin coxnstruction?

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Yes under the SBI MaxGain home loan, the construction must begin within 3 years of availing the loan.

✅ How can I close my SBI Maxgain loan?

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Firstly, you have to repay the remaining balance in the overdraft account. Then visit the home branch and request the manager to close your overdraft account. They will tell you the outstanding balance including interest till date. After you clear the outstanding balance, you have to pay a loan closure charge. Then you will be given a letter and an SMS mentioning your overdraft account is closed. Now visit the loan branch where you had submitted your documents during opening the home loan account and collect your collateral documents. Once the overdraft account is closed, it will disappear from your mobile banking app and no EMI will be deducted thereafter.

✅ How much money can be withdrawn from SBI Maxgain account?

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You can withdraw the amount up to the maximum sanctioned limit.

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

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No, there are no extra charges applicable on availing SBI MaxGain home loan. However, if the loan amount exceeds Rs. 1 Crore, a 0.25% premium will  be applicable on the interest charged.

✅ What is the difference between term loan and Max Gain?

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In a term loan, if a partial payment is made, the borrower cannot get that money back. In case of Max Gain, the borrower gets the liquidity to utilise that amount. Also, the borrower gets liquidity on the money he/she has deposited.