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Author: admin | Category: Loan Car Calculator | Date: 04.04.2014

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Poornima Adiga January 3, 2014Most home loan borrowers face the dilemma of whether to use their monthly savings to prepay their loan or set it aside for emergencies. In most cases, the extra money just sits in their savings accounts earning below par (and taxable) interest. The money thus kept in the home loan account reduces the total interest outgo on your home loan and helps you close your loan faster. Similar home saver loans, albeit with different interest rates, are also available from other banks including Citibank (Home Credit), Standard Chartered Bank (HomeSaver), HSBC (Smart Home) and IDBI Bank (Home Loan Interest Saver).We will focus exclusively on SBI MaxGain in this article.
Before we delve deeper into SBI MaxGain, leta€™s understand what is an overdraft (OD) account.What is overdraft (OD)?An overdraft facility is a credit line provided to individuals against their assets.


You can think of it as being similar to a credit card with a limit but without the interest-free (grace) period.
You can withdraw money upto the sanctioned limit and will have to repay the outstanding balance along with interest only for the duration that you utilize the money from the account.
Even if the surplus amount is kept only for a few days during the month, it helps reduce the interest component of the EMI for that month. The principal component increases and the interest component decreases with each successive payment. However, more of your interest portion goes towards Available Balance.3The money is gone forever.
However, any surplus funds parked in MaxGain home loan account can be withdrawn anytime.However, surplus fund deposited before full disbursal or for under construction property cannot be withdrawn until complete disbursal. Your interest outgo will reduce because of this deposit and interest saved will get added to available balance, but you cannot withdraw till you get possession.Interest SavingsIf surplus funds are parked in the OD account, it saves interest outgo on the home loan.


Experts recommend this product over other investment products including tax free bonds and FD.Instead of opening a Fixed Deposit (FD) for 1-5 years, if you park the same funds in the OD account, you will get 1 to 3% higher savings. Note that you will be realizing this rate even if you park your funds temporarily unlike FD where you will pay a penalty for premature withdrawal. Experts advice that you should only park amount over and above the tax deductible interest portion.




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