I want to apply for SBI maxgain home loan. How is it different from yuva loan?
SBI MaxGain Home Loan is a home-saver Home Loan. Under this scheme, your Home Loan account will double up as an overdraft account. You can withdraw and deposit money based on your cash availability. You will get internet banking access as well as cheque book facility with the MaxGain Home Loan account. It works like this – when you deposit money into the account, it will be reduced from your principal and your interest amount will also decrease. However, note that the EMI will remain the same. This means that thanks to the excess funds, your overall interest outgo on the Home Loan will be less. The interest rate is usually the current SBI Home Loan rate plus 0.25%.
SBI Yuva Home Loan has been designed for the young. Aimed at the first-time Home buyer, this loan is for those between 21 and 45 years of age. Through the scheme, you can get a loan amount that is 20% over the amount you will be eligible for under the regular Home Loan scheme. The scheme allows you to start repayment after 36 months. Until then, you need to pay only the interest portion of the loan.
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