How SBI Maxgain Works
SBI Maxgain is a home loan account where you can park your surplus fund for short period of time and reduce the overall interest liability and whenever in future you require the money you can withdraw that without any prior notice or charges. For example: You have Rs 25 lakh outstanding in your SBI Maxgain home loan account. You get Rs 3 lakh from one of your insurance policies as maturity amount, which you plan to use after four months for your child's higher studies. So in the meantime you can park the surplus Rs 3 lakh in the SBI Maxgain account and your loan outstanding will reduce by Rs 3 lakh to Rs 22 lakh and interest will be charged only on the Rs 22 lakh.
After four months when you require the money, you can withdraw that Rs 3 lakh and your loan outstanding will be reset accordingly and interest will be charged on the revised amount. The withdrawable surplus will be reflected in your account as "available balance".
However, to open a SBI Maxgain account, minimum home loan amount should be Rs 20 lakh and there is no upper cap on the loan amount. Other terms and conditions in this account are as applicable to regular home loan schemes, SBI said on its website.