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 05 November 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