6 COMMENTS

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  1. Mahesh
    May 12 2018 at 7:09 pm
    Reply

    How do i reduce my outstanding principal in max gain account?

    • Suma Ganesh
      Suma Ganesh
      May 23 2018 at 11:18 am

      Hi Mahesh,
      Thank you for writing in to us
      To reduce the loan outstanding you have to repay the loan.
      Other than the EMI, if you can pay lump sum amount when you get a bonus or when you have some surplus money, you can pay directly into the loan account.
      Please note, if you use some money to repay the loan, you can not withdraw it later.

  2. Ram
    Apr 27 2018 at 1:00 pm
    Reply

    I have deposited surplus amount in the account.If i take the available balance from my Max gain account, my loan tenure will get change?

    • Suma Ganesh
      Suma Ganesh
      May 11 2018 at 12:16 pm

      Hi Ram,
      Thank you for writing in to us
      If you maintain a balance in your MaxGain account, you will reduce the interest cost for that period.
      If you withdraw the amount, the interest cost will be adjusted back. The loan tenure will not be effected.

  3. SANDEEP SOPORI
    Mar 25 2018 at 7:24 pm
    Reply

    Hi! I can understand be that I can’t take Income tax rebate on Principal amount but is it possible to take the IT rebate on Interest component of my home loan?

    • Suma Ganesh
      Suma Ganesh
      May 11 2018 at 2:46 pm

      Hi Sandeep,
      Thank you for writing in to us
      You get tax benefit on both interest and principal components.
      Please read our post on the tax benefits from home loan to understand this more.
      You can also calculate your tax benefit on our calculator here