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.

 

[Baki]

@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.

 

[iAmPm]

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.

Great! Let us know once you have the calculation.

 

[harshit_jain]

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

 

[WhoU]

What’s the ROI you guys are getting this loan for?

 

[snike1792]

What’s the ROI you guys are getting this loan for?

I got it for 8.6%. For a better cibil score from 770+ one might even get 8.4%. These were the rates couple of months bank.

 

[harshit_jain]

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

 

[harshit_jain]

I got it for 8.6%. For a better cibil score from 770+ one might even get 8.4%. These were the rates couple of months bank.

did you chose GILC insurance?

 

[snike1792]

did you chose GILC insurance?

No. I didn't. For not choosing insurance they add 0.05% as an added risk cover on top of the interest rate

 

[urboss]

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.

 

[harshit_jain]

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

 

[wiizzard]

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