How to close SBI Maxgain home loan?

You need to repay the complete loan amount to close SBI Maxgain account. Before closing, you must remember the Maxgain OD account that is usually linked to one of the SBI branches is different from the branch you have sanctioned your home loan. I will tell you how to close SBI Maxgain home loan account in a step-by-step process. How can NRI close the SBI Maxgain home loan account?

1. If you are about to leave India and want to close your SBI Maxgain home loan account you would need a notarized Power of Attorney although you don't need a registered POA for bank matters. You must prepare your POA in favor of a friend or relative while you live in India to close the SBI Maxgain Home loan account.
2. If you are an NRI not present in India, the Embassy of India or consulate in the country you are living in will do the notarization or attestation.

How can I close Maxgain home loan OverDraft Account (OD):

1. You can go to the branch or send your Power of Attorney. You must take your POA with you as SBI will save a copy of the POA for records.
2. Take the form of the Maxgain home loan OD account from the bank.
3. Check your remaining Maxgain Balance amount.
4. Pay the remaining balance in cheque or cash. If you pay in cheque make sure you are paying with SBI cheque so that the clearing could happen immediately.
5. Once you have paid the amount the branch will hand you a letter mentioning your Maxgain account has Zero balance. Your OD account will still be active with zero balance in your account.
6. You need to go to the regional home loan branch of SBI with your POA.
7. After verifying the letter, the SBI branch will terminate your OD account.

For SBI Maxgain home loan closure process you need to ensure that you have cleared your EMI or else SBI will keep charging you and your OD account will remain active. Once you have closed your SBI Maxgain account, you may wanna check your home loan eligibility if you wish to take a loan in the future. You can check it via NoBroker here,

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Hope you know how to close SBI Maxgain home loan account.

Since I myself have availed the MaxGain home loan SBI, I think I can answer some of the prominent queries that people often pose in this answer. Let me first tell you that SBI MaxGain home loan is different from SBI home loan. The main difference is that the MaxGain home loans are approved or sanctioned as an overdraft where the drawing power is done on a monthly basis in such a way that the EMI gets liquidated by the end of the loan repayment period. Let me share the SBI MaxGain prepayment rules as well for your better understanding. 

 

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What are the SBI MaxGain prepayment rules?

You can prepay your loan amount anytime. I personally will suggest you pay all the dues or the entire pending amount one at a go.  Your loan outstanding amount gets decreased every month as you pay the debt. If in any case, you deposit any excess amount, it will remain as a surplus amount in your bank account. This will increase your available balance and reduce your book balance. (Your interest expense will also get decreased)

What is the SBI max gain interest rate?

The interest rate of SBI Max gain is 8.95% to 9.05% and for SBI regular home loan it is 8.40% p.a onwards.

 

I hope these answers are enough to help you know everything about the MaxGain home loan SBI.

  Read More:

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Hey Friend,

After going through the above-mentioned answer, I hope your query about the SBI home loan closure process. You must be aware of the fact that for the closure of the SBI Maxgain home loan you need to visit the SBI website's official page. Click on Requests > Loan A/C Closure. You will be taken to a website that announces the loan's closure. Select the loan account that you want to cancel.

Calculate your EMI on a home loan with the help of the NoBroker EMI calculator. With NoBroker's house loan services, you may get a stress-free home loan disbursement.

I hope this clarifies your query about how to close Maxgain home loan.

Also, regarding the SBI maxgain pre closure charges, I would like to say that except for Rent Plus, where 1% of the loan amount prepaid will be assessed as a prepayment penalty, there will be no pre-payment/pre-closure penalties.

The following are the SBI Maxgain home loan disadvantages:

• The interest rate is higher than for a conventional mortgage.

• Because there is always the temptation to utilise that money, this product allows withdrawal of additional balance, which will cost you a lot of money.

• Prepayment ultimately has no direct impact on the principal balance. It is a sum that is available in your account and is available for withdrawal.

I would like to conclude here about the SBI home loan closure process. I hope this helps:)

Read More:

What is SBI Home Loan Processing Fee? What is Home Loan Overdraft Facility in SBI? How to Get Provisional Certificate for SBI Home Loan?

Opening or closing a bank account may be easy but is time consuming. My father has a savings account in SBI and once he wanted to close the SBI loan account but did not know what to do to get it done. He asked my uncle about how to close SBI loan account and he said that one needs to 

• Visit the bank

• Request them for the foreclosure of the loan account

• He will be needed to provide a written application and fill out the details required in the form

• One needs to pay the outstanding personal loan principal along with the prepayment charges and the closure of loan account SBI is done.

Avail NoBroker Home Loan and pay the minimum EMI possible

Is SBI Home Loan Closing Procedure free?

People often think that one needs to pay a fee to close the account but No. My father had not given any fee so it is better to ask the bank officials about it before you pay any fee. No prepayment or pre-closure penalty is levied on Home Loans irrespective of the period for which the account has run or source of funds

The best part is that one can close the SBI maxgain account by repaying the complete loan amount. The Maxgain OD account is usually tagged to any of the SBI branches that can be completely different from the one which sanctioned your home loan.

Time taken to close home loan

Usually within a month or 45 days the accounts get closed but it is better to talk with the bank officials and request them to do it as soon as they can.

I hope you now know everything about

how to close SBI loan account

Calculate how mUCH Money you need to give monthly with NoBroker EMI Calculator

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