MyLoanCare is a FREE of cost service for borrowers Apply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

SBI Maxgain

SBI Maxgain Home Loan

Last Updated 01st Dec 2021

  • SBI max gain scheme allows you to use surplus money from overdraft account to reduce the interest payable on home loans.
  • The scheme is available only if you have taken a loan of more than ₹ 20 Lakh.
  • SBI maxgain home loan interest rate currently is 6.65% pa.
  • Salaried and self-employed individuals can apply for this scheme who earn more than ₹ 25,000 per month.
  • Submit basic documents like identity proof, address proof and income proof to avail this facility.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

What is SBI Maxgain Home Loan Account?

SBI maxgain is an overdraft account facility. This facility works just like savings or a current account where you can deposit the surplus money in the account as loan repayment and reduce the interest burden. The bank issues a cheque book, ATM-cum-debit Card and net banking facility for SBI maxgain home loan as you can withdraw the surplus money as and when required. The purpose of the SBI max gain scheme is to ease the burden of payment on your home loan. The surplus deposit gets deducted from the home loan amount, and interest is chargeable on the decreased principal amount.

SBI Maxgain Home Loan Interest Rates, Processing Fees and Other Charges

SBI max gain interest rate, processing fees and other charges are as follows:-

Max loan amountSBI maxgain home loan interest rateProcessing feesPrepayment charges
Upto ₹ 40 Lakh6.70%NILNIL
₹ 40 Lakh - ₹ 50 Lakh6.95%NILNIL
₹ 50 Lakh - ₹ 7.50 Lakh7.05%NILNIL
Above ₹ 100 Cr7.05%NILNIL

What are the Advantages of SBI Maxgain Home Loan?

SBI maxgain home loan offers the following advantages:-

  • Deposit surplus money: You can deposit it in the max gain account when you have a surplus amount. This way, the money can be used for investment and as well be used for emergencies. Also, this reduces the interest paid with each EMI.
  • Lowers interest rate: The amount deposited in the maxgain amount gets deducted from the total loan amount. As a result the amount of interest decreases as the principal amount has now decreased. Thus, the account holder saves a lot of money.
  • No extra cost: You do not need to pay any extra cost to open the SBI max gain account. You can only open the account if you have taken a loan of more than ₹ 20 Lakh.
  • Flexible withdrawal: There is no condition under which you cannot withdraw the amount from sbi max gain. You can withdraw an amount for investment or to meet financial emergencies.
  • Tax-free: When you deposit surplus amount in SBI max gain home loan account, it will be tax-free as it does not attract any tax, and the tax deduction is only applied to the home loan amount.
  • ATM services: You can use an ATM service on an SBI maxgain home loan, meaning you can withdraw the cash from the nearest ATM at any time.

What are the Disadvantages of SBI Maxgain Home Loan?

Some disadvantages of SBI Maxgain are:-

  • Few tax benefits: If you see it as a tax saving option, then it is not. You cannot avail of any tax benefit on SBI max gain if the surplus amount deposited is more than the home loan amount.
  • Complex to Understand: Many people are unaware of the scheme as it is not popular enough compared to regular home loans. Moreover, the scheme functions with an overdraft account, thereby is a bit difficult to understand.
  • Higher Rate: The interest rate on SBI maxgain home loan is higher than regular home loan rates. The minimum SBI home loan rate on maxgain is 6.65% compared to the regular home loan rate of 6.50%.

What is the Eligibility Criteria to avail SBI Maxgain Home Loan?

To avail SBI max gain scheme, you must fulfil the following eligibility criteria:-

  • You must be earning a minimum income of ₹ 25,000.
  • You must have a minimum work experience of two years if you are salaried.
  • If self-employed, you are required to have a minimum experience of five years.
  • Your cibil score must be 650 and above.

What are the Documents Required for SBI Max gain?

Following are the documents you will have to submit to avail sbi max gain home loan:-

  • Identity proof: Aadhar card, PAN Card, Voter ID card, Driving License, Passport
  • Address Proof: Voter ID card, Aadhar card, Electricity bill or telephone bill of last three months
  • Income proof: Credit report, Salary slips (last three months), ITR (last two years)

How to Open an SBI Maxgain Account?

To open an SBI maxgain home loan account, perform the following steps:-

  • Visit the nearest SBI branch
  • Contact a bank executive to get all details about the maxgain scheme and know the application process
  • Fill the SBI max gain home loan form
  • Submit the documents required

On the basis of document verification and eligibility checks, the account gets opened.


Can we convert SBI home loans to MaxGain?

An SBI home loan can be converted into sbi max gain by visiting the nearest SBI branch. All you have to do is submit basic documents like identity proof, address proof and income proof.

Which scheme is better: SBI Max Gain or Term Loan?

SBI max gain is beneficial because you can withdraw the surplus amount whenever you want where such a facility is not available if you take a term loan.

Is SBI Maxgain beneficial?

Yes, a maxgain overdraft account is beneficial because it reduces the interest rate, flexible withdrawal, and surplus amount can be withdrawn using an ATM card. Also, the invested amount does not invite any tax benefit.

How to Avail Maxgain Home Loan Scheme?

SBI maxgain home loan scheme can be availed by visiting the nearest SBI branch. You only need to submit documents like identity proof, address proof and income proof.

How can I get the maximum benefit from SBI MaxGain?

SBI maxgain offers maximum benefit if the amount is in excess and reduces the home loan interest rate. In addition, you can withdraw the amount using an ATM card, cheque whenever you require.

Is there any alternative to the SBI MaxGain scheme?

Currently, SBI is not offering an alternative to SBI MaxGain Scheme. This scheme is beneficial for those who have surplus money as this way, they can reduce their EMI. However, there might be a situation when you need an extra amount of money then you can take the SBI Smart Home Top Up Loan.

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
Home Loan News - Dec 2021
  • 2021-09-17 : SBI Bring Down Home Loan Interest Rate
    State Bank of India (SBI) has slashed home loan interest rate by 45 bps (basis points). A customer whose cibil score is above 800 can get a home loan at a lowest rate of 6.70% and whose score is in between 750-800 will get a loan at a rate of 6.80%.
  • 2021-08-13 : SBI offers ZERO processing fees on home loans
    State Bank of India (SBI) is offering zero processing fees on home loans. This is an Independence day offer by the bank as they want to help its customers achieve freedom from rent.
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Please wait while your information is being processed...