Overview
SBI maxgain lets you keep your monthly savings in the overdraft of the home loan account and pull out money from the account anytime you need to.
Here are the latest interest rates being offered to all Maxgain borrowers. As per SBI regulations, women borrowers can avail reduced interest rates by 0.5%, if they are the first owner of the property.
| Loan Slab | Lending rate | Lending rate for Women |
| Below 1 crore | 9.55 | 9.50 |
| Above 1 crore | 9.80 | 9.75 |
Key Features
- It has the same interest rate as other home loans.
- There are no hidden costs or penalties for withdrawing money in times of need
Eligibility
- SBI Maxgain is available for salaried professionals and NRI borrowers. However, it is not available to non-salaried businessmen.
- Other criteria of eligibility will be decided by SBI on account of credibility of applicant
Processing Fees
For loan amount
Up to 25lacs- 0.25% of loan amount. Minimum Rs 1000
Between 25lacs and 75Lacs - Rs 6500
Above Rs 75lacs - Rs 10,000
Document Required
For all salaried applicants:
- Completed loan application (applications available on their website)
- Identity proof (photocopies of Voters ID card/ Passport/ Driving License/ IT PAN card)
- Residence proof (photocopies of recent Telephone Bills/ Electricity Bill/Property tax receipts/Passport/Voters ID card)
- 3 Passport size photographs
- Bank Account statement or Passbook (from the last 6 months)
- Verification of signature from present bankers
- Personal Assets and Liabilities statement
- Original Salary Certificate from employer.
- TDS certificate on Form 16 or copy of Income Tax returns for last two financial years, duly acknowledged by IT Dept.
- Property documents
Note: All documents listed above are only indicative of the general list of documents requested by the bank, these may vary depending on your location and financial history. Do check with your bank while applying for the loan.
Link:
http://www.switchme.in/blog/2014/03/sbi-maxgain-home-loan-frequently-asked-questions
http://www.switchme.in/blog/2013/12/sbi-maxgain-home-loan-review
State Bank of India (SBI)
Introduction:
State Bank of India is the largest banking and financial services company in India. It has around 16,000 branches including 190 foreign branches and assets worth INR 2.46 lac crore.
It is regulated by the RBI.
Spread across all states, it has subsidiaries like
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
It also has branches at Moscow, Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles, and Male in the Maldives, Muscat, Dubai, New York, Osaka, Sydney, and Tokyo and offshore banking units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan and Cape Town.
they are a good option for the ?
Their most popular home loan products are:
- Maxgain
- NRI
- Yuva
- Realty
- PAL
- Her Ghar
Advantages of borrowing from this bank:
Being a government owned bank, they are trustworthy and have the lowest interest rates in the market. They also charge the lowest processing charges.
Disadvantages of borrowing from this bank:
Documentation is heavy
- Time taking process
- They levy an extra charge for advocate advice and valuation in cases where legal advice is required.
More Schemes
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