You can also check multiple advantage of taking SBI Loan Against Property.

Following are the key features of SBI MaxGain Home Loan:

• The SBI MaxGain home loan is sanctioned as an overdraft facility under which a credit line is provided to the borrowers against security. The interest is charged only on the amount the borrower withdraws.
• The minimum amount offered under this loan is Rs. 20 lakhs and there is no limit on the maximum home loan amount.
• SBI MaxGain home loan interest rate starts from as low as 9.55% - 10.05%.
• There are zero additional charges to avail this loan.
• The processing fee for SBI MaxGain is the same as a regular home loan.
• The borrower gets additional facilities like cheque book, debit card, net banking, and so on.

Additional Info: Also check SBI Home Loan for Women

Following are the SBI Max Gain interest rates in detail:

25bps premium will be charged over & above the concessional home loan interest rate for MaxGain, CRE, and SBI Realty HL.

Under SBI MaxGain home loan scheme, you can get 1% to 3% higher savings on interest rate. If the parked amount is more than the loan amount, you also get a chance to earn 4% interest on it. You can use SBI MaxGain Home Loan EMI Calculator to know how much you save on the interest cost of your home loan.

Additional Info: Also check Home Loan EMI Calculator

Following are the advantages and disadvantages of SBI Maxgain scheme:

Advantages:

Easy to park your surplus money: You can use this account to park all your surplus wealth to reap many benefits as the money invested will grow and can be used for many purposes later as per your requirement. The parked money will also help in reducing the burden of home loan repayment by decreasing the principal amount on which the interest is applied and thus the overall interest cost would also reduce.

Additional Info: Looking for Plot Loan

No extra charges: There are no additional charges applicable for opening a MaxGain account. Applicants are only required to submit the required documents and the account will be opened instantly. However, this account can only be opened if you have taken a home loan of minimum Rs. 20 Lakhs.

Withdraw any time: Users can withdraw the deposited amount in a MaxGain account at any point in time for several reasons, such as alternative investment options, unexpected expenses, and so on.

Lower interest: The amount you deposit in your MaxGain account is deducted from the total home loan amount. This decreases the interest amount as the principal amount will be decreased. Thus, you can save a lot of money.

Multipurpose: You can use the MaxGain account for a variety of purposes, including the payment of utility bills, shopping, credit card payments, and so on. Cheque book and net banking facilities are available with this account, just like a regular savings or current account. 

Tax-free investment: The amount deposited in the MaxGain account is tax-free. However, tax deduction will apply only on the amount equal to the home loan amount.

ATM services: You can also avail of ATM services with an SBI MaxGain account, making the cash withdrawal from the account easier. However, the cash withdrawn from other banks ATMs will be charged to your MaxGain account as an Overdraft Account.

Disadvantages: 

Few tax benefits: If you want to get the MaxGain scheme because you see it as a tax saving option, then don’t. No home loan tax benefits can be availed on SBI MaxGain if the surplus amount deposited in the account is greater than the home loan amount. 

Lack of awareness: Most people are not aware of the MaxGain scheme as it is not famous enough compared to the regular home loans. It takes explanation and clarification to make people understand the benefits of this scheme. Moreover, the scheme functions only with an overdraft account, making it a bit difficult to understand.

Higher interest rate: The main SBI MaxGain disadvantage is that The interest rate on SBI Max Gain loan is higher than regular home loan.

• Age: Minimum 18 years on the date of application and up to 70 years when the loan is matured.
• Purpose: This loan is sanctioned for the purchase/ construction/ repairs/ extension/ renovation of a new or resale residential house/ flat/ plot of land & furnishings.
• Income: The applicant must be earning a minimum monthly income of Rs. 25,000.
• Work experience: Salaried applicants must have a minimum work experience of 2 years whereas self-employed applicants are required to have a minimum experience of 5 years
• CIBIL score: The minimum CIBIL score must be 650 and above.

Additional Info: Also Apply for Home Construction Loan

• Identity proof: Aadhar Card, Passport, Driving Licence, PAN Card, Voter ID Card.
• Address proof: Aadhar Card, Voter ID Card, Electricity/Telephone Bill of the last 3 months.
• Income proof: Salary slips of the last 3 months, ITR of the last 2 years, and credit report.

You can also Apply for Pan Number for All Banks