Standard Chartered launches interest-only home loan facility
February 16, 2022
Standard Chartered Bank, India, today announced the launch of an Interest-just Home Loan facility aimed at new and the Bank’s current clients looking at availing a home loan.
Interest Only Home Loan is a facility provided for the purchase of completed residential properties where during a limited period of the loan tenure, the clients will pay just the premium accrued on the principal outstanding alluded as ‘interest just period’. No principal will be deducted during this interest-only period, the bank said in a press statement.
This product is available to new as well as existing clients of Standard Chartered Bank. Clients can likewise avail of the Interest Only Home Loan facility to transfer their current home loans from another financier to Standard Chartered.
Clients can decide to pay just the interest sum through Equated Monthly Instalments (EMIs) for an underlying time of up to 1 – 3 years. After this interest-only period is over, the home credit office will be dealt with like an ordinary advance record where the EMIs involve both the head and interest till the maturity of the loan.
Clients will likewise have the flexibility to commence their full instalments earlier with no penalty fees as well, the statement said.