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HomeSaver Plus maximizes the interest earned and reduces the interest payable on your home loan, helping you and your family manage investments in a smarter way. |
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Success can take years to build, but with wise financial management it can benefit generations. The HomeSaver Plus product, another innovation from Standard Chartered Bank is for those looking to secure their and their family’s future through efficient money management.
HomeSaver Plus is a one-stop financial management tool that automatically moves your savings / current account balances around to best offset your Home Loan so as to minimize your interest costs and maximize your interest earned.
The unique proposition of HomeSaver Plus is that not only can you link your multiple current / savings accounts and multiple Home Loans but also your family members (who are co-applicants on the loan).
Any amount deposited to the accounts in HomeSaver Plus directly reduces your loan’s outstanding balance. Your loan interest is calculated on the outstanding loan principal of the month (minus your current / savings account balances). As the principal is lowered, it also reduces the amount of interest payable, and the effective interest rate as well. |
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| The table shows how you can maximize your interest savings with HomeSaver Plus compared to an ordinary home loan. |
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Home Loan |
HomeSaver
Plus |
| Loan Amount |
25 lakhs |
25 lakhs |
| Rate of Interest |
11% |
11.75% |
| EMI |
25,805 |
27,093 |
| Loan Tenure (months) |
240 |
112 |
| Total Interest Repaid |
36.9 lakhs |
16.1 lakhs |
| Effective Interest Rate |
11% |
8.57% |
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| Assumption: Monthly excess money available of Rs.10,000 for savings, across all the savings / current accounts that are linked in. |
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| HomeSaver Plus is packed with intelligence, convenience, flexibility and substantial savings in the long term. |
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Intelligence Plus |
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Savings Plus |
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Flexibility Plus |
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Convenience Plus |
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An
example showing
you how HomeSaver Plus efficiently manages your money across multiple linked accounts. |
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HomeSaver Plus understands that every customer is different
and is thus designed to meet your needs. |
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