Bank of Baroda Home Loan Advantage/Overdraft/Maxgain

[urboss]

I have a home loan from BoB - Baroda Premium Home Loan Advantage, which is basically an overdraft HL like SBI Maxgain, linked to a savings account and the interest is charged only on the reduced principal adjusted after the balance in the linked savings account.

For fellow people who have same HL, how do you track whether the interest charged is correct or not? Is there any excel/google sheet where we manually enter the details and it should give us the principal amount, interest amount, tenure etc etc.
The amortization schedule generated from the netbanking shows the default one at the time of disbursal and not account the prepayments - basically it's static and not dynamic.

 

[TUSHAR.]

I have a virtual rupay classic dc that is linked to my BoB OD savings account. I generated this through the app.

Your OD account variant ?

 

[TUSHAR.]

I have a virtual rupay classic dc that is linked to my BoB OD savings account. I generated this through the app.

Is it OD or Savings Account?
You wrote OD Saving account

 

[luckymurari]

I too have Rupay classic debit card on my OD (HL Advantage) account

 

[TUSHAR.]

I too have RSDC on my OD (HL Advantage) account

I have the OD AGT BANK S OWN DEP Account, and debit card is not allowed on this varient.

 

[snike1792]

Your OD account variant ?

Mine is Home Loan Linked SB

 

[cc_dc_explorer]

Hey, I checked again today with BOB.
They have changed the criteria significantally. The 7.45% rates offered on their website now applies to CIBIL 824+
If 800-824 it will go to around 7.65% (+ 0.05% insurance).
Also, no discount or waiveoff on processing fees.

On the contrary BOI offered me 7.4% with OD and waived off all processing charges.
Have heard bad reviews for BOI OD lined HL, so not yet decided

Bro you said 7.4% with or without OD ? What's your CIBIL ?

 

[cc_dc_explorer]

Mine is Home Loan Linked SB

Hi @everyone, who is having BOB home loan OD account

quick question..

Since we are maintaining let's say 30L in Home Loan linked SB account which is OD account for home loan. Is it possible it to be converted to masterstroke account? That way we would be able to benefit from masterstroke facilites?

Or Is it possible to open masterstroke account and get it linked as home loand OD account ?

 

[mayankcse10]

Hi @everyone, who is having BOB home loan OD account

quick question..

Since we are maintaining let's say 30L in Home Loan linked SB account which is OD account for home loan. Is it possible it to be converted to masterstroke account? That way we would be able to benefit from masterstroke facilites?

Or Is it possible to open masterstroke account and get it linked as home loand OD account ?

Yes, it's possible. Mine was automatically upgraded to Radiance. I also got LTF Eterna just by emailing them. Also availed the Visa Sapphire DC. Didn't use any other benefit.

 

[vadixit]

Yes, it's possible. Mine was automatically upgraded to Radiance. I also got LTF Eterna just by emailing them. Also availed the Visa Sapphire DC. Didn't use any other benefit.

How much amount did you keep and for how long to get converted to Radiance automatically?

 

[cc_dc_explorer]

Yes, it's possible. Mine was automatically upgraded to Radiance. I also got LTF Eterna just by emailing them. Also availed the Visa Sapphire DC. Didn't use any other benefit.

so the home loan linked account was upgraded to Radiance or the other account? What I mean is did you had any other account from before in BOB? If no then only 1 account you will have which is this home loan based sb account.

 

[mayankcse10]

How much amount did you keep and for how long to get converted to Radiance automatically?

The amount was above the Radiance TRV threshold. It was upgraded after approx. 4 months.

so the home loan linked account was upgraded to Radiance or the other account? What I mean is did you had any other account from before in BOB? If no then only 1 account you will have which is this home loan based sb account.

The home loan-linked account was upgraded to Radiance, which they had opened specifically to link with the home loan. I did not have a second account with them.

 

[CcMaverick]

Bro you said 7.4% with or without OD ? What's your CIBIL ?

7.4 with OD. In BOI, they dont charge extra for OD/non-OD

 

[cc_dc_explorer]

The amount was above the Radiance TRV threshold. It was upgraded after approx. 4 months.


The home loan-linked account was upgraded to Radiance, which they had opened specifically to link with the home loan. I did not have a second account with them.

did you gave any conversion request for your loan account to super savings for RSDC or it was automatically showing?

 

[Credit raja]

IMO OD Home loan facility is loss making decision. The amount you are putting in OD only get you the interest benefit same as you are paying for your Home loan.

There are two better optins available to earn more on your OD locked money.

1) Many small finanace banks are paying more interest than the loan nterest .
Home loan interest 7.4% ..In OD deposite you earn same.
Currently SF Banks giving 8 to 8.4% interest for 2 to 5 year deposite.

2)Bonds : with AAA rating bonds can give you 8.5 to 10% earning on your same OD money from 12 to 24 months.

Personally i use >>>> Stable Money App , without opening bank account i can book FD or purchase BOND.

When you think of 10s of lac money keeping in OD then 0.5% also make huge differance in ROI.

 

[vadixit]

IMO OD Home loan facility is loss making decision. The amount you are putting in OD only get you the interest benefit same as you are paying for your Home loan.

There are two better optins available to earn more on your OD locked money.

1) Many small finanace banks are paying more interest than the loan nterest .
Home loan interest 7.4% ..In OD deposite you earn same.
Currently SF Banks giving 8 to 8.4% interest for 2 to 5 year deposite.

2)Bonds : with AAA rating bonds can give you 8.5 to 10% earning on your same OD money from 12 to 24 months.

Personally i use >>>> Stable Money App , without opening bank account i can book FD or purchase BOND.

When you think of 10s of lac money keeping in OD then 0.5% also make huge differance in ROI.

You are ignoring tax aspect. The interest you saved is not considered your income. But if you invest somewhere else, you need to pay tax on that bringing down effective return.

 

[Credit raja]

You are ignoring tax aspect. The interest you saved is not considered your income. But if you invest somewhere else, you need to pay tax on that bringing down effective return.

you are right but there are ways around, you can put money in name of your parents or close relative who do not attract tax.

 

[vadixit]

you are right but there are ways around, you can put money in name of your parents or close relative who do not attract tax.

Yes it may work for someone whos parents are not earning. Also that is a grey area in income tax law. You may gift your parents money, but if they invest, you are liable to pay tax. Also if the amount is more, they may again be served notice for source of income.
This complexity may work for someone or may not. But overdraft is for simplicity and peace of mind for someone who does not wish to complicate.
I personally do not use it and invest in equity hoping for better return but I like the concept of overdraft for a lot many people who wants fixed return assets.

 

[mayankcse10]

did you gave any conversion request for your loan account to super savings for RSDC or it was automatically showing?

I have not converted to super savings and do not have RSDC.

 

[ontherocks]

I have not converted to super savings and do not have RSDC.

Do you see Rupay Select DC option in the Cards --> Apply for physical debit card section of your BoB World app?

 

[mayankcse10]

Do you see Rupay Select DC option in the Cards --> Apply for physical debit card section of your BoB World app?

No, I haven't got RSDC option ever.