Need A Financial Product › Forums › Loans › Am I paying double interest on my SBI maxgain loan

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  • October 18, 2014 at 8:31 am #47976
    samkapoor77
    Keymaster

    I have home loan from SBI max gain with available balance of Rs. 20 lakhs. I am paying 12.25% rate of interest. In addition to EMI, I keep on transferring idle funds in OD account. I have read that EMI consists of principal and interest components. Then why I have to pay 12.25% rate of interest monthly again? Is this mean that I am paying double interest?

    October 21, 2014 at 7:05 am #47977
    samkapoor77
    Keymaster

    You are not paying twice or double. In case of SBI max gain home loan, actual interest is always charges on the last day of every month.

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