Best Home Saver Loan

[Finchamp!]

Hi all,

I am planning to port my regular Home Loan to some good Home Saver Loan (i.e. Loan + OD Facility), e.g. SBI Maxgain, BOB Home Advantage etc. Please guide me with what all options are available, and which one is best option (and why)?

Thnx!

 

[wiizzard]

In an OD loan, any amount paid over and above the EMI due is adjusted towards the "outstanding balance" but remains available for withdrawal. This reduces the interest due and there reduces your monthly EMI. So all the extra money from you future EMIs also shows up as a withdrawable amount .
In case of linked savings account like BoB, the outstanding balance is always adjusted against the EMI , if the linked savings account has some balance, then the interest due reduces, so the EMI offsets the principal itself. This reduces the tenure of the loan since your principal is being paid at a faster rate.
So in short, in SBI , paying extra money lowers your EMI, while in BoB it reduces your loan tenure
Hope this clarifies!
P.S. - BoB is more competitive, if you are looking for a loan in NCR then I can refer you to the executive who sanctioned my loan

 

[shivamk]

In an OD loan, any amount paid over and above the EMI due is adjusted towards the "outstanding balance" but remains available for withdrawal. This reduces the interest due and there reduces your monthly EMI. So all the extra money from you future EMIs also shows up as a withdrawable amount .
In case of linked savings account like BoB, the outstanding balance is always adjusted against the EMI , if the linked savings account has some balance, then the interest due reduces, so the EMI offsets the principal itself. This reduces the tenure of the loan since your principal is being paid at a faster rate.
So in short, in SBI , paying extra money lowers your EMI, while in BoB it reduces your loan tenure
Hope this clarifies!
P.S. - BoB is more competitive, if you are looking for a loan in NCR then I can refer you to the executive who sanctioned my loan

If you withdraw again from BoB, the tenure increases again?

 

[wiizzard]

If you withdraw again from BoB, the tenure increases again?

Yes, since your interest due will increase

 

[shivamk]

Yes, since your interest due will increase

Got it thanks

 

[Finchamp!]

So it's just that the amount is kept in a separate account but it works like OD only. Thanks a lot for clarifying.

What other options are there which are similar to BOB Home Advantage?

 

[shivamk]

What other options are there which are similar to BOB Home Advantage?

I am not sure bro. I am also gathering information as of now.

Will have to research in depth. But almost all banks must be having these kinds of products

 

[Finchamp!]

I am not sure bro. I am also gathering information as of now.

Will have to research in depth. But almost all banks must be having these kinds of products

Alright bro! I'll do my R&D too and list out options on this thread as and when I find them.

 

[shivamk]

Alright bro! I'll do my R&D too and list out options on this thread as and when I find them.

Same here bud. BTW I had seen Bank of India's interest rates. They are offering good rates. 800 CIBIL might fetch 8.7 for OD Loan

 

[wiizzard]

What other options are there which are similar to BOB Home Advantage?

AXIS has a similar setup and I think even ICICI also has a similar option

 

[Enthusiast]

I availed a home loan of 85 lakhs in June'24 from LIC HFL and paid 2 EMIs of 68k already. Term is 25 yrs (300 EMIs) @8.5% rate now... I am also doing SIP with an amount of 10K per month...

What should i do now? can someone suggest with the benefit calculation....

1) Continue SIP or

2) Pre-payment of 1.2 Lakhs (10k * 12 months) to the home loan... (As per t&cs, 8.5 lakhs (10%) can prepaid per year)

 

[smuff]

It depends on what you want. If you want an ability to draw money that you have paid extra then SBI is better, while if you want to close the loan faster, than Bob is better.
That being said, in both cases you save on interest on the extra amount paid.
Depending on the size of your loan, both SBI and BoB will enroll you into their premium facility i.e. SBI Wealth and BoB Radiance

Do SBI offer any premium facility for having regular home loan?

 

[wiizzard]

You get enrolled into SBI Wealth is the home loan is 1cr+

 

[ontherocks]

There is ICICI Money Saver Home Loan. It's nothing special as compared to other bank's money saver home loans.

 

[shivamk]

There is ICICI Money Saver Home Loan. It's nothing special as compared to other bank's money saver home loans.

What exactly is money saver home loan?

 

[anujdit]

i am having SBI Maxgain from last 15+ yrs and it is a great product. Taking loan from SBI guarantee that property papers are genuine and no fake deal.
In addition, I am using this OD fund as my liquid fund. Rest money is invested in Stocks/SIPs. So having OD account, fulfil having liquidity too. No need to maintain separate account for same.

 

[FinCurious]

https://www.technofino.in/community...preferred-one-for-home-loan.31766/post-794851

Check my response for BOB home loan advantage. I will update my response once my loan is approved. Hopefully next week as all formalities are already done

 

[Finchamp!]

https://www.technofino.in/community...preferred-one-for-home-loan.31766/post-794851

Check my response for BOB home loan advantage. I will update my response once my loan is approved. Hopefully next week as all formalities are already done

Hi! Are your formalities completed? What's your take on the product?

 

[FinCurious]

Hi! Are your formalities completed? What's your take on the product?

It will take sometime, today my loan application is approved from BOB. Now i have to work with my existing bank to foreclose my loan.
I will update once all process are done.

 

[Finchamp!]

It will take sometime, today my loan application is approved from BOB. Now i have to work with my existing bank to foreclose my loan.
I will update once all process are done.

Sure. Let us know!