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    SBI MaxGain Home Loan

    We found 6 SBI MaxGain Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.65% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.60% - 8.65% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.6% - 8.7% Floating
    0.35% (max. 10,000) + S.T.
    20L - 10Crs
    25-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.3% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.3% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.50% - 8.55% Fixed/Floating
    0.35% (max. ₹10,000) + S.T.
    5 L to 30 L
    3-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    SBI MaxGain Home Loan is Rated as "Great!" by 930 Users

    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
      "Better Service"
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken a home loan from SBI. The rate of interest was around 10.15% at that time. EMI will be deducted from my salary account every month, so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 23, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the approval letter from the State bank of India for my home loan. Rate of interest was around 9% and I was not okay with that. Response and other aspects are good with them . Being an under construction property, the loan amount will be get disbursed shortly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from State Bank of India and this process was smooth for me. I had no hassles with the bank in the documentation or in the disbursement. Everything happened on time and and I got the funds I needed with a good deal on the interest and charges.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I do have the home loan with the State bank of India and their interest rate is a good one with them. Services are not good with them and the loan amount got disbursed to my account within three months of four months of time. Lastly, even the processing charges were nominal one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Disappointed with the service"
      0.5 2.5/5 "Just OK"
      For me SBI services falls below expectation, because they did not stick to their interest rate. Initially I was quoted an interest rate of 8.5% however they offered me only 8.65%. Therefore SBI needs to stick on to their promises. Additionally, they had to appoint a responsible executive, also he or she should know how to handle the customer in a refined way.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I opted for home loan with SBI BANK, Their process was good and smooth and now also they do, Customer service and responsiveness was really good, It was a Good experience with the HDFC Bank. My HOME loan experience with SBI is Outstanding I would say they are good in service of loans and the loan amount I applied for 42 laks but I received only 38 lakhs because of the property value. They charged me some processing fee and they told me that they will refunded it which they did not do ,when I called to check that they confirmed that the time scales got lapsed.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 21, 2017
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with State bank based on the Home loan process.The customer follow up made is the positive end of the bank.They have provided very immediate and fast service based on the application.The interest rate offered was 10.5% approximately .and its floating total loan amount was 10.70 laks and tenured is for 15 years applied in 2008.
      Was this review helpful? 0
      , nanded
      Reviewed on May 21, 2017
    • SBI Home Loan
      "Fast Service"
      0.5 4.0/5 "Great!"
      As soon as I submitted my documents with SBI for my housing loan, immediately they called me and the very next day they initiated the process. Interest rate is ok, though the current market rate is of 8.35% I got it for 8.70% but then there is no problem in interest rate. The process went good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2017
    • SBI Home Loan
      "Average service."
      0.5 4.0/5 "Great!"
      My wife wanted me to take only SBI home loan as she thinks they do thorough verification of the project and so had to go for it though I preferred some private bank. They processed it within 12/15 days as it was March but had to travel 20+kms as the agent came from a far away branch. Otherwise all is well till now.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • SBI Home Loan
      "Trsutworthy and Reliable"
      0.5 5.0/5 "Blown Away!"
      I took the home loan with the State bank of India and I got the loan amount with them because of trust. Its the nationalized bank and that's the major thing made me to went ahead with them. Within two to three weeks of time, I got the home loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 19, 2017
    • SBI Home Loan
      "Convenient process"
      0.5 5.0/5 "Blown Away!"
      It was a excellent experience with State Bank of India for the home loan. The process was on time and I also got a good deal as well. The disbursement was on the date I needed it and the after loan services has been smooth too. The rate of interest was around 9% and I am comfortable with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • SBI Home Loan
      "Good Experience with SBI"
      0.5 3.0/5 "Satisfactory"
      SBI is one of the largest bank in India, whatever the loan we take they give transparent information they wont take any hidden charges. I have taken the home loan of Rs.25 lakhs with the tenure of five years without processing fee. SBI charged 8.5% of interest it is nominal as per the market.
      Was this review helpful? 1
      , chennai
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Below average service"
      0.5 3.0/5 "Satisfactory"
      The process took too much time, Sbi executives told they will disburse the loan within 10 to 15 days, but then they took around 4 months to disburse my home loan , which is too long time. The rate of interest is nominal with SBI. Overall I can say it was an below average service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      SBI is cheapest loan provider across the India, they have provided lest interest rate 9.3% on home loan. But documentation process is very lengthy, I have submitted lot of documents, because they have stick with the RBI guidelines. SBI have satisfied me by giving 100% loan on my property value.
      Was this review helpful? 0
      , sonipat
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      SBI has been good in the services for the home loan. It would have been better if I received the loan more sooner. The documentation was normal and the disbursement was also as needed. The interest rate was around 8% and the processing charges was minimal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Being an salaried account holder with SBI. I am very glad to have a loan with SBI. After submitting my documents they took around 10 days to disburse my home loan. The rate of interest is 8.35% which nominal with SBI. Overall I would like to thank State bank for providing a Home loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Better service"
      0.5 4.0/5 "Great!"
      The documentation and the verification process went smooth with State Bank of India Home loan. The rate of interest is nominal, when compared with others. The response part was good with State bank of India. Overall the service is good with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the home loan with the State bank of India and the loan amount got disbursed to my account within a month of time. Processing charges were nominal one with them. During documentation process also there were no issues with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2017
    • SBI Home Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I have not received the documents like repayment schedule and other papers for my home loan with the State bank of India . State bank of India took long time to provide the disbursement , also the verification process was really huge one. Rate of interest was fine one for me and I would like to suggest that they need to optimize and speed up the process.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My experience with State bank of India has always been fair. I had taken my home loan from them. The process was quick and it was completed on time by the bank. They also offered a good rate of interest 8.68%.and there was no processing charges toatal loan amount is 19 laks I have opted for.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2017
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