One can easily convert SBI term home Loan Account to SBI Maxgain home loan account. This conversion is only allowed once with a certain conversion and switch over fee. You can never convert back to the previous term Loan. The fee is nominal and can cost up to Rs. 10,000. You need to check this with your Home Loan Branch Manager for the exact conversion charges.
Recently, I have converted my Term Home Loan account to Maxgain with the following procedure.
- I contacted the branch Manager about the procedure.
Bank manager provided me the following two forms to fill and send with signature.
I have written this article in order to help others since there is very less information available in the internet related to Maxgain conversion process. This document is just a basic guidance about the conversion process so you need to contact your Bank Manger to get the complete details.