BoB 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.

 

[yusuf646]

You can try this website

Home Loan EMI Calculator with Prepayments, Taxes & Insurance

Home Loan EMI Calculator - Calculate Home Loan EMI along with Partial Prepayments, Margin, Property Taxes, HLPP, Home Insurance & Monthly Maintenance Charges

emicalculator.net

 

[urboss]

You can try this website

Home Loan EMI Calculator with Prepayments, Taxes & Insurance

Home Loan EMI Calculator - Calculate Home Loan EMI along with Partial Prepayments, Margin, Property Taxes, HLPP, Home Insurance & Monthly Maintenance Charges

emicalculator.net

Thanks. I've tried using these online calculators and google sheets. But the problem is practically, in last 3 years, the ROI changed 4-5 times and these calculators doesn't consider this factor. Or am I missing something? How to handle this situation?

 

[darshanbafna]

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.

You can go to branch and request for detailed statement, it has interest amount calculation for each set of days during the month depending on balance in savings account. They will provide detailed breakup

 

[Baki]

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.

There is detailed Excel sheet available on Bob net banking, i accessed it a year ago. Do some research u will find it.

 

[wiizzard]

You can in theory manually calculate it on Excel. Practically, I wouldn't worry about it, if there is an issue, then it would affect lot of people, so someone will figure that out eventually anyway.
If you are still focused on this, then you can calculate for a given month in a Excel by putting the daily outstanding balance and calculating daily interest

 

[TheCoinCollector]

I think Maxgain charges some 0.30% more than the regular home loan rate. Does BoB also do that for this PHLA?

 

[urboss]

There is detailed Excel sheet available on Bob net banking, i accessed it a year ago. Do some research u will find it.

If you have accessed it, please tell me. I did a lot of research and couldn't find, that's why posted here.
These are the only options I can see on netbanking, and none of them shows what i am looking for.

 

[urboss]

I think Maxgain charges some 0.30% more than the regular home loan rate. Does BoB also do that for this PHLA?

I am not sure, but yes. I initially had normal HL and later converted it to advantage and also negotiated on some discount when the ROI shooted till 9.4% at one time.

 

[Baki]

If you have accessed it, please tell me. I did a lot of research and couldn't find, that's why posted here.
These are the only options I can see on netbanking, and none of them shows what i am looking for.
View attachment 52882

Check the repayment schedule & Compare it with the payment deducted next month, You will get a clear idea, of the diff. The amount is the interest u saved on the savings balance

 

[shubham393]

SBI or BOB?
for MaxGain type of home loan..

Which is better in terms of hassle in home loan transfer, interest rates changes, pre-payment methods etc?

I have taken home loan in Dec'23 from HDFC, now want to move to other banks.

Since hdfc has many issues related to home loan, which people have discussed in other posts.

 

[urboss]

SBI or BOB?
for MaxGain type of home loan..

Which is better in terms of hassle in home loan transfer, interest rates changes, pre-payment methods etc?

I have taken home loan in Dec'23 from HDFC, now want to move to other banks.

Since hdfc has many issues related to home loan, which people have discussed in other posts.

I am happy customer of BoB. It actually depends on the branch as well where you will be dealing mostly.

 

[snike1792]

Is this kind of loan considerably better than a normal loan wrt to final interest we'll be paying to banks? Let's say i maintain 10L in the savings account will the interest paid to the bank and the tenure of the loan reduce considerably?

 

[ashu99924]

does anyone having experience with Bank of india smart home loan which provides similar overdraft facility and best part is their normal and OD account home loan both interest rates are same?

 

[urboss]

Is this kind of loan considerably better than a normal loan wrt to final interest we'll be paying to banks? Let's say i maintain 10L in the savings account will the interest paid to the bank and the tenure of the loan reduce considerably?

Definitely better better.

 

[snike1792]

Which other banks provide home loan like bob advantage and sbi max gain?

 

[ashu99924]

Bank of India smart home loan

Which other banks provide home loan like bob advantage and sbi max gain?

 

[snike1792]

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.

What's the savings account variant that needs to be opened for this kind of loan in BoB?

 

[mayankcse10]

What's the savings account variant that needs to be opened for this kind of loan in BoB?

The branch will open a basic account. I'm not sure if they start with other account types on request. However, based on the balance, it can be upgraded to other account types later, even Radiance.

 

[iAmPm]

@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

Check the repayment schedule & Compare it with the payment deducted next month, You will get a clear idea, of the diff. The amount is the interest u saved on the savings balance

Did you try this?