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Bank of Baroda Home Loan Advantage/Overdraft/Maxgain

  • Thread starter Thread starter urboss
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urboss

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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.
 
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@urboss how much was the rate difference when you converted normal loan to PHLA? any guide around home loan with OD and your experience will benefit the community if you have any conclusion on interest saving part

Did you try this?
I Never did exact Calc. Will ask accountant to do the same, & inform u, I have 20-40 L Emergency funds Always in Saving Account So this scheme is best for me.
 
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.
Hey
Recently got Baroda Home loan advantage, and in same doubt.
My queries-
1. Since 3-4 months have passed for you, were you able to figure out? Or actual interest deducted has been less than the amortization schedule shown on website?
2. Does EMI gets deducted from Salary account or the linked savings account? For me last month EMI got deducted from salary account as overdraft account was not configured or linked. Now it is linked, hence confused where to maintain EMI amount
3. Any other tips/tricks or any experiences with them like hidden charges, interest reduction or increase
Thanks
 
What’s the ROI you guys are getting this loan for?
i got 8.65, cibil was 766 that tym
Not sure they screwed it or what, did 4-5 enquires along with 1 auto loan enquiry
8.45 if my cibil would have been above 780
also 0.05% discount if we go for GILC insurance, but in my case they didn't tell me premium amount so I skipped it and locked 8.65
 
Hey
Recently got Baroda Home loan advantage, and in same doubt.
My queries-
1. Since 3-4 months have passed for you, were you able to figure out? Or actual interest deducted has been less than the amortization schedule shown on website?
2. Does EMI gets deducted from Salary account or the linked savings account? For me last month EMI got deducted from salary account as overdraft account was not configured or linked. Now it is linked, hence confused where to maintain EMI amount
3. Any other tips/tricks or any experiences with them like hidden charges, interest reduction or increase
Thanks
1. Yes it does. So basically, there is no separate tool or statement to directly know the difference. What i do is, compare the original amortization schedule with the latest one (as shown in netbanking) and then the difference in "interest deduction" is clearly visible. The interest deduction should be more as compared to the original one for a particular month while the EMI is same.
2. Keep the funds in the linked account only, then only you will get the benefit. My EMI is also deducted from the same account. I don't have any other account with BoB.
3. Keep checking with the BM for any possibility in ROI deduction after every 6 months. Although, there is only negligible chances that ROI will change even 0.5%. Another tip is, download all the statements/schedules etc from netbanking every quarterly.
 
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.
Hey, one more query
Did you ever touched up putting complete loan amount or more in the linked savings account. As only small part of loan is disbursed for me so I am thinking to put entire amount so that interest becomes complete 0 and emi reduces principal only.
Is this possible or allowed? Bank won't consider it as full loan prepayment and close the loan
What do u suggest
 
Hey, one more query
Did you ever touched up putting complete loan amount or more in the linked savings account. As only small part of loan is disbursed for me so I am thinking to put entire amount so that interest becomes complete 0 and emi reduces principal only.
Is this possible or allowed? Bank won't consider it as full loan prepayment and close the loan
What do u suggest
You can do this, no impact. If you add more than the outstanding amount, then you get zero interest on that, that's it
 
I have 20lakh of home loan which i am planning to transfer to bob adavantage.
Can i first go for bob masterstoke account and then apply for home loan ?
Same masterstoke account will be linked to my OD account right ?
 
I have 20lakh of home loan which i am planning to transfer to bob adavantage.
Can i first go for bob masterstoke account and then apply for home loan ?
Same masterstoke account will be linked to my OD account right ?
I dont think the masterstroke account would be linked. I had opened BoB Advatage savings account hoping that would get linked to the home loan. But that's now how it works. They opened a normal savings account. In the mobile app it shows Home Loan linked SB.
 
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.
Hows your overall experience with BOB home loan? Perticularly the re-payments, netbanking and mobile banking facility etc?
 
Hows your overall experience with BOB home loan? Perticularly the re-payments, netbanking and mobile banking facility etc?
It's been satisfactory. For me, the ROI is first priority and then the digital services. Not saying that their digital services are bad. I had to visit branch which is 5 mins away from my home only once during disbursement documentation. As I mentioned, what matters more is the branch staff which varies from branch to branch, mine were are pretty supportive. The BM directly talk and get things done.
 
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.
I was able to calculate by (daily balance end of day minus loan amount)* interest_rate/36500
You need to do this for full month easy when balance is unchanged/changed very infrequently.
 
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.
Is there any 90 days or X days limit to adding of funds to the OD account or we can add and remove funds as per our convenience
 
I think Maxgain charges some 0.30% more than the regular home loan rate. Does BoB also do that for this PHLA?

Same RoI as regular loan upto 75L loan amount, above that there is a 0.25% premium.

Lowest RoI currently is 8.15%, there is a 0.05% premium if you do not opt for a credit insurance, which doesn't make much sense. So the lowest would be 8.2% without any insurance requirement.
 
I am in the process of availing a new home loan of approximately ₹1 crore from Bank of Baroda at an interest rate of 8.15%. However, when I inquired about the 'Bank of Baroda Home Loan Advantage' scheme, the manager informed me that the interest rate would increase by 0.2%, bringing it to 8.35%. I would like to confirm whether this rate hike applies to all borrowers under this scheme or if the manager is misguiding me.

Additionally, I was told that to avail the 8.15% rate, I need to purchase insurance, whereas without insurance, the rate would be 8.2%. Has anyone else experienced a similar situation?"
 
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