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 05 December 2020
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 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