What are Some SBI MaxGain Home Loan Benefits?

I wanted to avail of a home loan; hence, I visited the loan executive in our SBI branch. He explained to me the SBI MaxGain home loan benefits and advised me to go for it. Under this scheme, home loans are sanctioned as overdrafts. I have learned several benefits of this loan so let me share them here.

What are the Benefits of MaxGain Home Loan?

MaxGain home loans are sanctioned as overdrafts. The applicant will have to remit the EMIs or Equated Monthly Instalments, as in ordinary home loans but here the drawing power on the overdraft will be reduced every month. This will extend based on the principal component of the EMI so that the overdraft is liquidated at the loan’s end. 

The major features and benefits of MaxGain are:

• This loan is sanctioned as an overdraft under which a credit line is given to borrowers against security

• The interest on MaxGain is charged only on the amount that the borrower withdraws

• The minimum amount offered under this scheme is Rs 20 lakh

• The interest rate on MaxGain loan is between 9.55% and 10.05% (please check the rates once)

• No additional charges are levied to avail of this loan

• The processing fee of MaxGain is the same as for a regular SBI home loan

These are the major details I can remember the bank official sharing with me. I will suggest you visit the bank once to tally this information and be sure about it.

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