New Delhi. Standard Chartered Bank (Standard Chartered Bank, India) has introduced a new facility on home-loan for its customers in India. Customers can now pay interest only if they so desire during the initial tenure of the home loan. This means that they will not have to pay the principal amount in the initial period.
Regarding this scheme, the bank said on Tuesday that an interest-only home loan is such a facility that can be used to buy completed residential properties. In this, for a limited time period of the loan, the borrower will have to pay only interest. No principal will be deducted during the chosen interest-only period.
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How much will be the loan of Rs.
The scheme is applicable on loans between ₹35 lakh and ₹3.5 crore. The maximum tenure prescribed for the loan is 30 years for salaried individuals and 25 years for self-employed individuals.
For customers, the interest-only period can be from 1 to 3 years. During this time, the customer can pay only the interest in monthly installments. When this period is over, then your loan will work like a normal loan. Meaning after that you will have to pay the monthly installment made on the loan, which will include both principal and interest.
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What will be the benefit to the customer?
The bank has said that interest-only home loans will help customers reduce their cash outflow. They will have to pay less in the initial period after taking the loan. Apart from this, for those who want to buy a big house, this loan will also prove to be very helpful. People will be able to buy the property of their choice.
Tags: bank loan, Home loan EMI
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