Home Loan: SBI Maxgain — Daily Schedule — Home Loan Calculator
Preface
I was searching for an OD Account Loan facility which a certain bank provides for a Home loan. I came across the SBI Maxgain Home loan. I wanted to find out the real advantages of Daily Reducing Balance. And Actual saving of Interest.
While researching I found many great articles and videos which clarified my basic understanding of the product. I also got the calculator which was a monthly representation of the numbers.
Missing Part:
I wanted to see daily representations so I can see exact close numbers about the amount that I can save. And so that I can visualize more closely.
First, Here are the reference to start with, Get a basic understanding of the product and calculation.
- https://emicalculator.net/sbi-maxgain-why-should-you-choose-this-home-saver-loan/
- https://www.youtube.com/watch?v=iwYi8zCoed8&t=377s with Monthly Calculator Sheet.
Now, We know the power of OD account to save interest component from the EMI. We would like to know on a daily basis how much interest we could save if we part some amount.
Sometimes we would also like to see if we put surplus amount multiple times in a month what would be the variations in the saved interest. So, for that reason, I have created the daily calculator (Link Below) by extending one of the existing calculators available freely.
I modified the excel sheet for reference calculation only, It can have some errors and I don’t claim it's the exact calculator to determine your saving or any decisions. I created it to visualize some data and thought to share it if anyone is looking for a similar sheet.
Here is the Link to Daily Calculator: https://docs.google.com/spreadsheets/d/15oUmif9L1g6k43HbYf84j7aMxybFZL2w2L1FgWuxYno/edit?usp=sharing
Let me know if any questions or corrections at kapasitejas@gmail.com
