Standard Chartered Home Saver Loan – Interest Rates, Eligibility
Standard Chartered Home Saver Loan – Pay off your Home Loan in Less Time, Less Cost. HomeSaver is a unique home loan Plan/Scheme that enables you to pay the lowest amount of interest. In fact, with HomeSaver, you can pay off your home loan in 1/2 the time, 1/2 the cost!
Special Features of Home Saver Plan
- Revolutionary home loan concept designed to help reduce the interest paid, and pay off the loan faster.
- Deposit and withdraw your money (salary and other income) whenever you need, without any charges
- Interest calculated on daily balance and applied monthly
- Access your money whenever you need with free globally valid ATM-cum-Debit card
Home Loan applications received for rupees ₹ 419,027 crores till 23 April 2024
Benefits of Home Saver Plan of Standard Chartered:
The table and graph below show how you can save on interest costs as well as shorten the tenure on your loan by opting for HomeSaver.
| Particulars | Normal Home Loan | HomeSaver |
| Loan Amount | 1000000 | 1000000 |
| ROI | 14% | 14.25% |
| EMI (Rs.) | 12435 | 12617 |
| Loan Tenure (months) | 240 | 240 |
| Total interest Repaid (Rs.) | 19,84,448 | 12,59,260 |
| Actual repayment period (months) | 240 | 168 |
| Savings on Interest (Rs.) | – | 725188 |
| Tenure Reduced By (months) | – | 72 months |
Assumptions: Gross monthly post-tax income of Rs. 33,500; Monthly expenses of Rs. 20,000 The rates assumed above are just for demonstration purposes. The interest rate applicable on your loan would be as mentioned on your Sanction Letter.
| Savings compared to normal Home Loan | |
| Savings on Interest: 36.5% | Reduction on Tenure: 30% |
Insurance is a subject matter of solicitation. Your (customer’s) participation in the insurance products is purely on a voluntary basis.
Source: Standard Chartered Bank Website
