Home Loan MaxGain Calculator
Calculate how much interest you can save with MaxGain home loan overdraft facility. Compare regular home loan vs MaxGain to understand if it's beneficial for your financial situation.
Enter Loan Details
Example: ₹50,00,000
Example: 7.3% (Standard home loan rate)
Example: 7.5% (MaxGain rates are typically 0.1-0.2% higher)
Deposit Schedule
Deposits reduce the interest-bearing balance but remain available as surplus funds. A one-time deposit continues to offset interest until withdrawn. Deposits are assumed to be made at the beginning of the selected month.
For a withdrawal, enter the amount you take out. The calculator will reduce the available surplus, up to the balance available in that month.
Optional Part-Payment Schedule
Add one-time, monthly, or yearly part payments. Each payment is applied to both the regular loan and MaxGain, while MaxGain deposits remain withdrawable surplus.
Add as many payment events as needed, then calculate the combined impact.
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About MaxGain Home Loan
MaxGain is a home loan variant that combines a home loan with an overdraft facility. It allows you to deposit surplus funds in a linked account, which reduces the effective loan balance on which interest is calculated.
How MaxGain Works
In a regular home loan, interest is calculated on the full outstanding principal. In MaxGain, interest is calculated on the difference between the outstanding loan amount and the surplus balance in your linked account. The more surplus you deposit, the less interest you pay.
Key Benefits
- Interest Savings: Reduce interest by parking surplus funds
- Flexibility: Withdraw surplus funds anytime without penalty
- Liquidity: Access to funds when needed while saving interest
- Tenure Reduction: Pay off loan faster with surplus deposits
Considerations
- Higher Interest Rate: MaxGain rates are typically 0.1-0.2% higher than regular loans
- Minimum Balance: Some banks require a minimum balance in the overdraft account
- Discipline Required: Need to consistently deposit surplus to maximize benefits
Frequently Asked Questions
What is MaxGain Home Loan?
MaxGain is a special home loan product that combines a home loan with an overdraft facility. You can park your surplus funds in the linked account, and the interest is calculated only on the difference between the outstanding loan amount and the surplus balance. This can significantly reduce your interest burden.
How does MaxGain save interest?
In MaxGain, interest is calculated on the daily outstanding balance (loan amount minus surplus funds). When you deposit surplus money, the effective loan balance reduces, leading to lower interest calculation. You can withdraw the surplus funds anytime when needed.
How do I use the deposit schedule feature?
The deposit schedule feature allows you to specify different deposit amounts for different time periods. For example, you can deposit ₹1L for months 1-2, then ₹0 for months 3-6, then ₹3L for months 7-10. This is perfect for people with irregular income, seasonal bonuses, or variable surplus funds.
Is MaxGain better than regular home loan?
MaxGain is beneficial if you have irregular income, bonuses, or surplus funds that you can park temporarily. It offers flexibility to withdraw funds when needed. However, MaxGain loans typically have slightly higher interest rates (0.1-0.2%) than regular home loans.
What types of deposits can I make in MaxGain?
You can make regular monthly deposits from your surplus income, one-time deposits from bonuses or windfalls, or any temporary surplus funds. The deposit schedule feature lets you customize your deposit pattern to match your income flow.
Can I withdraw my surplus funds from MaxGain?
Yes, one of the key advantages of MaxGain is the ability to withdraw your surplus funds anytime without penalty. This makes it ideal for people with irregular income or those who want liquidity while still saving on interest.
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Disclaimer: This calculator provides estimates for educational and planning purposes only. Actual interest savings, fees, and lender terms may vary. This generic daily-balance estimate cannot reproduce a specific bank's ledger: transaction posting time, EMI dates, holidays, lender rounding, daily-balance conventions, account rules, and fees can change the result. MaxGain loans typically have slightly higher interest rates than regular home loans. Please consult with your lender for accurate information specific to your situation.