SBI Maxgain - real outstanding balance

India
1

I need to know real outstanding balance for my maxgain account as I am not sure that the online home loan account is showing it correctly. Here is my situation

i have got a loan in 2014 for 68L
when i got full disbursement in 2015, i parked surplus amount 66L
I am paying regular (64K approx) EMI since 2014 ( the day i got first disbursement)

I took care that my book balance won’t remain positive for more than 5 days by taking money out from the OD account which is 64K. I ensure EMI is deposited and it shows positive balance. I took it and transfer to my HDFC bank account.

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So it has been 7 years now. I wanted to know what would be my real outstanding balance as of today

is drawing power my outstanding loan balance? if that is true then did i repaid only INR 4.5 L in last 5 years ?

2

I don’t understand what you are trying to do here but usually the book balance is the loan amount pending.

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3

No. Bok balance is no it pending. As per amortization it should not be 0.

I want to run EMI for full tenure of 22 years while keeping book balance 0.

That is.what i am doing from last 7 years. Do you see any problem in my case ?

4

You cannot do that.

Bank is not run by people who can’t understand what you’re doing.

Bank wants to earn interest from loan and not just sit there and watch.

5

i am doing it from last 7 years. what do you mean by i cannot do it?

whatever, i want to know my current outstanding balance in max-gain when i deposit excess fund which is equal to my loan amount.

in other words what is my outstanding balance when my book balance is 0 ? how to check without visiting bank

6

Reach out to your loan agent or branch manager.

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7

i tried reaching out to branch manager but they are not picking up my phone.
i tried multiple times. same with RACPC branch as well, they are not picking my call even i tried multiple times

i am not in India so cannot visit in person to the branch or to RACPC

My question is why is “outstanding balance” not shown on max-gain ? book balance is my net outstanding balance but not the real as every EMI still has principal and interest as per amortization schedule even if book balance is 0

any help or hint will be appreciated

8

AFAIK,

Drawing Power = Outstanding principal loan amount.
Book Balance = Drawing Power – Available Balance (generally, expressed as negative)

Since interest component is very high in initial years, payment applied to Principal from each EMI is minimal.

EMI split into Principal and Interest can be obtained from Bank (not sure if it’s available online). The calculation is not so simple as to show it over here.

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9

so drawing power is my outstanding balance as per amortization schedule right?

But then why my available balance changing ? It should not change right

Why because I deposited 68L excess amount in max gain after i got 68L disbursement in Jun 2015

10

Anytime you take money out, it reduces your available balance. As I said earlier, I can’t get into detailed calcs here. One has to be aware about the basics of how this type of loan works and the terms used by the bank against each of the amount in the account.