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wiizzard
TF Select
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
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
Finchamp!
TF Select
What other options are there which are similar to BOB Home Advantage?
Finchamp!
TF Select
Alright bro! I'll do my R&D too and list out options on this thread as and when I find them.
wiizzard
TF Select
AXIS has a similar setup and I think even ICICI also has a similar option
Enthusiast
TF Premier
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)
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)
ontherocks
TF Premier
There is ICICI Money Saver Home Loan. It's nothing special as compared to other bank's money saver home loans.
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.
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
TF Buzz
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
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!
TF Select
Hi! Are your formalities completed? What's your take on the product?
FinCurious
TF Buzz
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.
