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SBI Max Gain Shceme

It enables the customers to earn optimal yield on their savings by reducing interest burden on Home Loans.


·         Eligibility – Salaried individuals 


·         Minimum Amount – 20 lakhs


·         Allowed to withdraw – Yes


HOME LOANS – INTEREST RATES With effect from 01.04.2016


(MCLR: 9.20%)     


Borrowers’ category

Home Loan interest rate, irrespective of loan limit

EMI per Lac for 30 year Tenor

Maxgain above Rs. 20 lacs & upto Rs. 1 crore

Maxgain above Rs. 1 crore

CRE Maxgain, irrespective of loan limit


20 bps above the MCLR i.e. 9.40% p.a

Rs. 834

30 bps above the MCLR i.e. 9.50% p.a.

55 bps above the MCLR i.e. 9.75% p.a.

75 bps above the MCLR i.e. 9.95% p.a.


25 bps above the MCLR i.e. 9.45% p.a.

Rs. 838

35 bps above the MCLR i.e. 9.55% p.a.

60 bps above the MCLR i.e. 9.80% p.a.

80 bps above the MCLR i.e. 10.00% p.a


SBI Maxgain Home Loan is a financial product offered by the State Bank of India. This scheme is attached to the SBI home loan that an individual has taken. This is a home loan saver scheme whereby an individual can park their surplus home loan funds and avail benefits on their home loan in other areas. An applicant can invest an amount which is equal to the home loan amount and this amount would be tax-free. But if the amount invested exceeds the home loan amount, then that amount will be taxable.


Basically, a SBI Maxgain account is an overdraft (OD) account. An OD account is a credit line provided by the bank in lieu of the amount that has been deposited. The underlying collateral for this account would be the home that the individual has given up as collateral for the purpose of the home loan. This amount can be withdrawn at any time and can be used for a variety of purposes such as bill payments or other financial emergencies.


This scheme is meant to ease the burden of payment on an individual’s home loan. The amount deposited will be deducted from the home loan amount. The rate of interest charged would be on the new principal amount which would have decreased. So the new EMI would be less than the previous one. Through this process, an account holder would save a significant amount of money. This amount can be withdrawn at any time depending on the individual’s needs.


This account can be compared to a fixed deposit account. A lot of people invest their money in fixed deposits because they get reasonable returns on their investment with no real risk to the principal invested. In case of a fixed deposit, people have to lock their money in for a period of 5 years in order to get tax deduction benefits. A better option, in this case, would be to invest the money in a Maxgain account. The money invested can be withdrawn at any time and the rate of interest is usually also higher by 1%-3%. This would make it a much better investment.


The rate of interest applicable to a SBI Maxgain Loan is a floating one. This means that the interest rate fluctuates based on market conditions and shifts in RBI policies. Due to this effect, the EMI amount/tenure may change, depending on external factors. This makes it a little unpredictable as it is difficult to predict market behaviour with any sort of certainty. This rate of interest works in a more predictable manner when the economy is stable for extended periods of time.


Advantages of SBI Maxgain Home Loan


SBI Maxgain scheme offers a variety of benefits to their users. These benefits have been discussed below.


Parking Surplus Money: It would be advisable for people to start using this account for parking all their surplus wealth in this account. This will be beneficial in many ways as the money invested can grow and can be used later for many purposes as per their requirement. The money also helps reduce the burden of the home loan repayment. It will decrease the principal amount on which the interest is charged and thus the overall interest amount would also decrease.


No Extra Charge: There is no extra charge for opening a Maxgain account. All that an applicant needs to do is to submit the necessary documents and their account will be opened. But it must be noted that this account can only be opened when someone has taken a home loan of at least Rs. 20 lakh.


Withdrawal at Any Time: The amount deposited in a Maxgain account can be withdrawn at any point in time. The money can be withdrawn for several reasons that include alternative investment options and unexpected expenses.


Lowers Interest on Home Loan: The amount deposited in the Maxgain amount is deducted from the total loan amount. This reduces the amount of interest as the principal amount has now decreased. Thus, the account holder saves a lot of money.


Multi-Purpose Use: The Maxgain account can be used for a variety of purposes using different instruments. It can be used to pay bills such as electricity, shopping, credit card payments etc. Both chequebooks and net banking facilities are also available, just as with a regular savings or current account. This opens up new financial options for an individual.


Tax-Free Investment: The money deposited in the Maxgain account would be tax-free. But it must be noted that tax-deduction will apply only to the amount equivalent to the home loan amount.


ATM Services: An individual can also avail ATM services on a Maxgain account. This makes the withdrawal of cash from the account much easier. However, it must be noted that the cash withdrawn from another bank’s ATM will be charged to the Maxgain account as an overdraft account and not as a savings account.


Disadvantages of SBI Maxgain Home Loan


Every coin has two sides. Similarly, there are a few disadvantages that when it comes to investing in a Maxgain account:


Lack of Awareness: Most people, including SBI home loan account holders, do not have much awareness about Maxgain. It takes a good bit of explanation and clarification to get people to understand the benefits of this scheme. The intricacies of the scheme can be quite complex for the average person. Therefore, some people may not catch on as quickly as they might expect.


Less Tax Benefit: The tax benefit would not hold if the investment is in excess of the home loan amount. Therefore, people should not assume that all their money deposited in this account is tax-deductible. They need to redo their homework for other tax saving instruments.


SBI Maxgain Home Loan – Eligibility and Documentation


The eligibility for a Maxgain account is the same as a home loan account. The following documents need to be deposited in order to complete the SBI MaxGain Loan application:


Proofs: All the necessary proofs regarding an individual’s identity, age, residence, and photographs have to be submitted. This is a standard protocol used to ascertain the identity of an applicant and to authenticate the information provided by them.


Financial Background: The credit score is obtained by the bank but salary slips (or proof of income in case of salaried) and tax returns for the past 2 financial years (for self-employed) need to be submitted. These documents point to the financial health of the individual. The tax returns are checked to ensure that the applicant’s accounts are up-to-date.



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