A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 6 SBI MaxGain Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% - 8.75% Floating
    0.35% (max. 10,000) + applicable tax
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.70% Floating
    0.35% (max. 10,000) + applicable tax
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.6% - 8.7% Floating
    0.35% (max. 10,000) + applicable tax
    20L - 10Crs
    25-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 8.70% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs Spl. Offer for Defense Emp.
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 8.70% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs Spl. offer for Govt. Emp.
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.40% Fixed/Floating
    0.35% (max. ₹10,000) + applicable tax
    5 L to 30 L
    3-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    SBI MaxGain Home Loan is Rated as "Great!" by 962 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    The SBI MaxGain Home Loan gives borrowers the benefit of using their temporary surplus money to reduce the interest payable on their home loans. For instance, a home loan customer has funds for a while but cannot use it to foreclose the loan, instead has other obligations in the near future, he/she can put this money in the MaxGain Home Loan account. This surplus is deducted from the principal loan amount due, and the interest will be calculated accordingly. The surplus parked is available for the customer to withdraw at any time. This eases up the interest paid with each EMI and helps clear the loan faster.

    The home loan is sanctioned as an overdraft which will operate like a savings bank or current account wherein the customer can use the account as a regular savings account and maximize savings on interest.

    Features and Benefits of the SBI MaxGain Home Loan:

    • The loan is sanctioned as an overdraft. An overdraft is a credit line which is provided to customers against security. Interest is charged only on the amount withdrawn.
    • No extra charges to avail this loan.
    • The processing fee is the same as a regular home loan.
    • Cheque book, debit card and net banking facility is provided.
    • The minimum loan amount is Rs. 20 lakhs. There is no maximum limit.

    Experts recommend saving interest on loans rather than earning interest on investments in FDs. You are likely to get 1-3% higher savings. If the parked amount is higher than the loan amount, you can also earn 4% interest on it.

    Eligibility Criteria for MaxGain home loan SBI:

    SBI Maxgain Home loan

    The eligibility for this loan is the same as a regular SBI home loan.

    • Minimum age – 18 years on the date of sanction
    • Maximum age – 70 years by which the loan should be repaid, also subject to ability to repay.
    • Income and repaying capacity, assets and liabilities, cost of proposed house/project will be accounted for.
    • Sanctioned for the purpose of purchase/ construction/ extension/ repairs/ renovation of new/ second-hand residential house/ flat/ plot of land and furnishings.

    SBI MaxGain home loan interest rate:

    The interest rate is the same as for a regular home loan.

    If the loan exceeds Rs. 1 crore, then an extra premium of 0.25% is applicable.

    SBI MaxGain Home Loan MCLR Rate:

    The State Bank of India announced its Marginal Cost of Funds-Based Lending Rate (MCLR) on November 1, 2016 at 8.90%. The SBI will consider the 1-year MCLR rate as its benchmark for home loans, which means that the interest rate will be reset at the end of every one year for home loans. The spread above MCLR for Maxgain home loans are as follows:

    Category Home Loan - Maxgain 20 Lacs to 75 Lacs Home Loan - Maxgain Above 75 Lacs CRE Maxgain
    For women 35 basis points more than the 1 Year MCLR i.e. 9.25% p.a. 70 basis points more than the 1 Year MCLR i.e. 9.60% p.a. 90 basis points more than the 1 Year MCLR i.e. 9.80% p.a.
    For others 40 basis points more than the 1 Year MCLR i.e. 9.30% p.a. 75 basis points more than the 1 Year MCLR i.e. 9.65% p.a. 95 basis points more than the 1 Year MCLR i.e. 9.85% p.a.

    SBI Maxgain Home Loan FAQ:

    1. Are there any extra costs to avail the SBI MaxGain home loan?

      No, there is no extra charge to avail this loan. If the loan exceeds Rs. 1 crore, 0.25% premium is applicable on the interest charged.

    2. How is the rate of interest determined?

      The rate of interest is calculated on the base rate issued by the RBI plus the prevailing floating rate which is subject to change from time to time. The bank has the option to increase or decrease the EMI or extend the repayment period when there is a revision in interest rate. Interest is applied on the loan amount at the prevailing rate per annum on daily reducing balance with monthly rests.

    3. I have purchased a plot under the MaxGain home loan scheme. Is there any time limit to begin construction?

      Under the MaxGain Home Loan scheme, you need to begin construction up-to/within 3 years of taking the loan.

    4. How do I use the MaxGain Home Loan account?

      You can use the MaxGain account like a regular savings account. You can avail of cheque book, debit card and net banking facility.

    5. How can I maximize my savings on interest?

      In order to maximize your savings on interest, park any surplus funds in this account. Start using the account as the primary savings bank account. Make all your transactions on this account like credit card payments, shopping, payment of utility bills, and so on. You could schedule a transfer of the fixed EMI to the account prior to the due date. This way you earn a reduction in the interest you owe using the EMI itself.

    6. Are there any charges on a debit card availed through my MaxGain account?

      There are no charges as such, but since it is an overdraft account and not a savings account, a fee is chargeable on any transaction made on the card from another bank’s ATM.

    7. How can I calculate my savings on interest?

      The bank will provide you a loan amortization schedule at your request. You can compare the scheduled interest outgo with the actual interest using this schedule.

    8. Can I get any tax deductions for the surplus amount parked?

      No, since it is not a pre-payment of the loan, any amount that you deposit in the MaxGain account will not be considered for tax deduction under Section 80C.

    9. Can I transfer my current home loan to MaxGain?

      Yes. Speak to your loan manager and request for the following:

      • Complete loan Account statement.
      • List of Documents (LOD) that you submitted at the time of availing the original loan.
      • Outstanding loan balance with applicable interest, penalty or any other fee to close the loan.
    10. Are there any interest-free or grace period before the interest clock begins?

      There is no interest-free period. The interest starts as soon as the loan is disbursed. You are allowed to take a payment break for an 18-month period on a new flat.

    11. I deposited surplus funds but I cannot withdraw. Why?

      If you have deposited surplus fund before full disbursal of the loan or for under-construction property, it cannot be withdrawn until complete disbursal. There will be a reduction in interest outgo because of this deposit and interest saved will get added to available balance. However, you cannot withdraw it till you get possession.

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  • SBI MaxGain Home Loan Reviews

    • SBI Home Loan
      "Easy and quick process"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has offered me a home loan as well. The process to get the loan was not much. The documentation was simple and the disbursement happened on time too. The rate of interest and processing charges was also minimal for me. I had no hassles with the after loan services.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 23, 2017
    • SBI Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The state bank of India took around 3 months to disburse my home loan. The customer service and the response need quick and fast in future. The required loan amount has been given and I am satisfied. The rate of interest is nominal with SBI. I am happy with the SBI home loan service.
      Was this review helpful? 5
      , surat
      Reviewed on Jul 07, 2017
    • SBI Home Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      I had take the home loan about six years ago. The interest rate is around 9.5% which is nominal. I got good service from SBI for the home loan process. They sanctioned the loan without any delay and done with the process in a good manner. I do not have any issues with SBI.
      Was this review helpful? 2
      , indore
      Reviewed on Jul 05, 2017
    • SBI Home Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I took home loan from State bank of India. For the loan, the interest rate is around 8.65% and I am happy with with the services of SBI. Actually my salary account is with SBI so I preferred the same bank for the home loan.
      Was this review helpful? 1
      , nasik
      Reviewed on Jul 04, 2017
    • SBI Home Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had taken home loan from State bank of India about three months ago. Interest rate is eight to nine percentage. Processing fee is two thousand rupees. The tenure is for twenty five years. Loan process went good and they sanctioned the loan on time.
      Was this review helpful? 1
      , jaipur
      Reviewed on Jul 01, 2017
    • SBI Home Loan
      "Best offer in the market"
      0.5 5.0/5 "Blown Away!"
      Compare to private banks, SBI requested for lot of documents, once I provided all the documents process went smooth. SBI sanctioned 80% loan on the estimated cost, I took the loan amount of Rs. 20 lakhs for the tenure of 20 years. SBI offered me 9.5% of interest on initial stage then reversed for 9.25% its low.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 29, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have received a home loan from SBI on 2013. I got the SBI home loan within 10 to 12 days of time. I am happy about the loan amount. The rate of interest was low, when compared with others. The customer service with SBI is really good. I am satisfied with the home loan service offered by SBI.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Jun 27, 2017
    • SBI Home Loan
      "Happy banking"
      0.5 5.0/5 "Blown Away!"
      I approached State bank of India for the housing loan. When I approached them I got good response and they done with the process in a good way. The interest rate is around 9.5%. I am quite happy with the bank for the housing loan services. And the customer service is good.
      Was this review helpful? 4
      , mysore
      Reviewed on Jun 20, 2017
    • SBI Home Loan
      "Low interest rate"
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the State bank of India and the interest rate is around 8.75%. The loan amount got disbursed to my account within fifteen days of time. Services are very good one with them. Documentation process is very nominal , also I got it through one of the agent.
      Was this review helpful? 2
      , pune
      Reviewed on Jun 19, 2017
    • SBI Home Loan
      "Need lot of improvement on customer service and the processi"
      0.5 4.0/5 "Great!"
      I do hold a home loan with State bank of India and the interest rate was around 8.65%, also I got the reminder up for the interest rate got reduced as 8.35%. Service aspects are okay. I would like to suggest that they could improve the response, also the customer service could be get improve a lot.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 17, 2017
    • SBI Home Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      My process is on for the home loan with State Bank of India, and it has been a good experience till now. There are no hassles when it comes to services and response. The main part in the interest rate which is a good deal and the processing charges were also very much nominal.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 17, 2017
    • SBI Home Loan
      "Average one"
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the State bank of India and the interest rate was very lesser one with them on that time. They have provided the loan amount after some long time like their processing time was very long time ,like it took around more than one month of time. They have provided around 80% of cost of home .
      Was this review helpful? 2
      , mumbai
      Reviewed on Jun 16, 2017
    • SBI Home Loan
      "Nice service"
      0.5 4.0/5 "Great!"
      Documentation process is very simple with State bank of India for the home loan. I availed the loan from the bank. The current interest rate is 9.35%. I am happy with the bank in terms of the home loan as they done the process without any hassles.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jun 15, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have dropped the plan to get a home loan at present, so that was the reason I haven't proceed with the sbi home loan . The service with SBI was good and the executive gave a call and asked me to submit the documents with SBI. I have postponed my plan to next 6 months, I may be going with SBI that time. I am satisfied with SBI service.
      Was this review helpful? 1
      , noida
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 4.0/5 "Great!"
      So far so good with the home loan process at State Bank of India. The process is on and the overall experience is good and satisfactory. The documentation is normal and since I am an existing customer I am sure to get a better deal on the interest rate and charges.
      Was this review helpful? 1
      , mysore
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      I was postponed the decision to take home loan right now, I am planning to take it after two or three months later with same SBI bank. They ready to sanction 85% of loan on the property, It is very sufficient. I don't face any issues with them. I am happy about their service.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The SBI executives gave a call and explained me about the product and they were in follow up on my home loan application. I got a prompt response from SBI, but then I have postponed my plan ,so that was the reason I can't proceed with the home loan with SBI. The rate of interest is nominal with SBI. The service rendered by SBI is very good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Good in Interest rate"
      0.5 5.0/5 "Blown Away!"
      SBI offers the lowest interest rate for the loan. I availed housing loan from them, the interest rate is 8.30% which is pretty good one as per the market rate. Customer service is satisfactory and they sanctioned the loan within 2 days. SBI is the right place for the loans. The interest rate is common for all the people.
      Was this review helpful? 1
      , raipur
      Reviewed on Jun 13, 2017
    • SBI Home Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      My neighbor is a branch manager in Sbi, I got the home loan disbursement with his support and I have provided all the documents they have asked and he legally approved my loan. The rate of interest is nominal with SBI. The customer service and the response was good with SBI . I am happy about the loan amount and satisfied with the service.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 12, 2017
    • SBI Home Loan
      "Reliable"
      0.5 3.5/5 "Pretty good"
      Currently, Home loan with the State bank of India is under process and the interest rate will be get confirmed , also they have not provided the 100% commitment there. Customer service is a kind of okay and the response was also not great okay for me.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 12, 2017
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