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Standard Chartered bank has introduced the facility of a Home Saver Home Loan which enables the borrower to pay back his home loan within halved repayment tenure at half the cost. This facility of Standard Chartered Limited Home Loan provides the borrower to deposit his money, whether it is his salary income or any other type of income, and even withdraw it whenever the borrower needs without the incidence of any additional charges levied by the bank. This deposit or withdrawal of money can be conveniently conducted through a free ATM cum Debit Card. The loan under this category attracts interest on a daily reducing balance method and the interest rate is applied monthly.
This Standard Chartered Limited Home loan works by opening a linked Transaction Account which would be associated with the Home Loan Account. Any surplus accumulation in the linked Transaction Account would be used to offset the outstanding balance in the Home Loan Account thus enabling you to pay off your outstanding home loan faster and close the home loan account. Thus, the interest would be calculated and paid only on the difference between the outstanding amount of loan and the surplus funds of the borrower.
A top up loan facility is a unique feature of Standard chartered bank, whereby, it enables a borrower to avail some extra funds through top up over and above their existing home loan with the bank. Through this facility, the home loan borrower is entitled to a top up loan amounting up to 100% of the original home loan amount. The extra funds can be used for decorations of the home or for purchase of luxury items. Basically, it helps an individual to decorate his/her home as per their desires. The loan can be availed for a loan tenure equivalent to the Standard Chartered Home Loan repayment period of the original loan.
A top up loan comes at a lower interest rate as compared to personal loans. Hence, the user can chose to opt for a top up loan for funding his/her personal needs of decorating their home, and save a lot of money on interest.
A top up loan also gives a borrower the flexibility of longer loan tenure as compared to a personal loan, thus saving him/her from huge monthly installments.
Standard chartered bank also extends home loans to its salaried NRI customers. These loans are extended to NRI’s at a onetime loan processing fee charge. It’s a multipurpose loan and can be used by the applicant for the purpose of purchase of flats or houses, plots or houses under construction, extension, renovation or re-decoration of existing houses.
Standard chartered bank also issues a variety of home insurance products linked to home loans. These products are directed towards safeguarding the applicant and his/her close ones from unforeseen incidences. The list of insurance products is given below.
It is a unique insurance product which protects the applicant’s family from the burden of repayment of the outstanding loan amount, in case of sudden death of the applicant.
Home protector is a unique combination of home content and property insurance. Home content insurance, insures the belongings of the applicant’s home, whereas, home property insures the applicant’s property from damage against natural calamities. The applicant can chose from a single component or from a combination of both.
MRTA protects the applicant’s family from the paying off the applicant’s debt in case of sudden demise of the applicant. This plan ensures insurance premium funding at the existing home loan rate.
HHP is an insurance product made out of the combination of the insurance for property, home contents and personal accident. Home content insurance takes care of the belongings of the applicant kept inside the home; insurance for property protects the applicant’s home from natural calamities whereas personal accident insurance protects the applicant’s family from the burden of payment in case of the applicant’s death and permanent terminal disability due to an accident. The applicant can choose a single insurance component or a combination of all.
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