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Maxgain Home Loan is an innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost. The maxgain calculator allows you to calculate the savings in comparison to regular home loan.
Basically, a SBI Maxgain account is an overdraft (OD) account. The collateral for this account would be the home that the individual has given up as collateral for the purpose of the home loan. This amount can be withdrawn at any time and can be used for a variety of purposes such as bill payments or other financial emergencies.
Advantages of SBI MaxGain Home Loan
When you park any additional surplus, and then it automatically generates the saving by way of interest saved. This you can utilize for other purposes. Thus, the account holder saves a lot of money.
The amount deposited in a Maxgain account can be withdrawn at any point in time. When you are expecting some surplus cash, then you can park that surplus amount into max gain account and save more.
An individual can also avail ATM services on a Maxgain account. This makes the withdrawal of cash from the account much easier. However, it must be noted that the cash withdrawn from another bank’s ATM will be charged to the Maxgain account as an overdraft account and not as a savings account.
No Additional Cost
No extra charges to avail this loan. Note that this account can only be opened when someone has taken a home loan of at least Rs. 20 lakh.
Disadvantages of SBI MaxGain Home Loan
Lack of Awareness
Most of the people including SBI account holders also are not aware of this product of SBI to avail its benefits. It takes a good explanation and clarification to get people to understand the benefits of this scheme.
Eligibility Criteria for SBI MaxGain Home Loan
Age – The applicant should be more than 18 years and should not exceed the age of 65 this is applicable for all business loan category.
Document – Proofs regarding an individual’s identity, age, residence, and photographs have to be submitted.
Financial Check – Salary slips, Banks statements, CIBIL, tax returns for the past 2 financial years if the applicant is self-employed.
SBI MaxGain Home Loan – Interest Rates
How SBI Maxgain different from other Home Loans?