SBI bank is not allowing to increase EMI of Maxgain home loan

Hello Anil,
I have a MaxGain loan with an outstanding of 22L and an EMI of 32K. At the moment only I’m paying this EMI. Recently my wife has started working & we are in a position to increase the EMI upto 50K.

This way both of us could avail the tax benefit in proportion to our contribution. But bank is not allowing to increase EMI. Also bank says min 20% of outstanding is needed for part prepayment.

These are not written in the contract document anywhere? Can you suggest the way forward here.


Just don’t make the pre-payment.
Instead, park the extra funds in maxgain account and you will still get the same benefit as you would have, if you make a pre-payment.
Also, avoid asking for an increase in EMI. Just keep parking the extra funds (18k inyour case) per month in Maxgain account.

The whole concept has been explained in above article.