SBI MaxGain

by Bizopedia · Published May 2, 2022 · Updated November 2, 2022

SBI MaxGain

Table of Contents

SBI offers a variety of home loan products for its customers that come with all the features that are expected out of a Home Loan. SBI MaxGain is a unique product that is offered by SBI in the form of an overdraft. Customers would be required to pay equated monthly installment or EMI as they would do for a regular home loan. However, drawing power for a OD would reduce to extend of of remaining principal balance.

SBI MaxGain Account

SBI Maxgain account is an credit line that is provided by a bank in lieu of collateral provided by a customer in the form of a home. Customer will deposit amount in this facility and interest would only be charged on remaining balance. Moreover, one would also receive a interest of 1-3% on remaining balance.

SBI MaxGain

Interest rates offered

Loan Amount (Floating Rate of Interest)	For Salaried	For Self Employed
Up to Rs. 30 lakh	7.15%	7.30%
Above Rs. 30 lakh to Rs. 75 lakh	7.40%	7.55%
Above Rs. 75 lakh	7.50%	7.65%

Benefits of a SBI MaxGain Home Loan

With SBI Max Gain account, you can park your excess money surplus, Instead of a FD it has a dual advantage of earning interest as well as helping you in reducing Home Loan EMI
There is no extra charge involved for a opening a MaxGain account and you would require to submit a minimum loan documentations to start this account
There is no limitations or restrictions on amount and timings for money to be withdrawn from a MaxGain account
Amount deposited in this account would be deducted from actual Home Loan amount and thus would help in reducing your actual Home Loan EMI
MaxGain account can be used for multiple purposes such as paying utility bills etc
One can also avail tax free benefit that is associated with a principal of a Home Loan and one can also withdraw money from ATM too

To be eligible for a SBI MaxGain account, an applicant should be at least 21 years of age and should not be more than 70 years of age at the time of loan closure. Documentation required for opening this account is pretty basic one such as KYCs, income proofs and proof of home purchase. With increasing digitization, customers can also access their account statement on the phone as well as on app.

In this post, we have discussed various aspects of SBI MaxGain account in detail. If you are interested in knowing more about other SBI Home Loan products, then you can visit this link.

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