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.

The table shows how you can maximize your interest savings with HomeSaver Plus compared to an ordinary home loan.
	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%

Assumption: Monthly excess money available of Rs.10,000 for savings,
across all the savings / current accounts that are linked in.

HomeSaver Plus is packed with intelligence, convenience, flexibility and substantial savings in the long term.

• Intelligence Plus
  This state-of-the-art technological feature determines which account earns / saves interest for the customer. Funds are swept on a daily basis from the lowest interest earning account to the highest interest paying account thereby maximizing your benefit.
• Savings Plus
  Not just you, but your family's accounts can be 'linked-in'!! So, we allow you 'Family-Link' impact!!
• Flexibility Plus
  This feature allows for one consolidated balance to be shown at a profile level, be it ATMs or Phone Banking or Online Banking – so for all those accounts which are linked-in under one Profile, they all become Common Accounts! You can however access your funds like before as all your linked accounts continue to operate independently.
• Convenience Plus
  To super-enhance your savings, you should look at transferring your other bank current / savings accounts as any money you decide to link in is always used to offset your home loan interest paid. Consolidate banking relationships with Standard Chartered Bank - Open accounts here and maximize benefit under one roof!

Here is an example showing you how HomeSaver Plus efficiently manages your money across multiple linked accounts.

HomeSaver Plus understands that every customer is different and is thus designed to meet your needs.

Interest paid on the home loan

As per Sec 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 150,000/- towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property. (The deduction amount is Rs 30,000/- in case of loans taken prior to March 1, 1999). The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual installments commencing from the year in which the house has been acquired or constructed.

In case of self occupied property, this deduction is allowed only for one such self - occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).

Principal repayment of the home loan

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to Rs. 100,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfillment of prescribed conditions.

Interest paid on the home loan

A home loan with Standard Chartered Bank lets you do more than just buy a home. We have a product that is specially suited to the needs of our home loan customers – top up loan.

A top up loan is a facility given to our existing home loan customers over and above their existing loan. So, if you have taken a home loan from us, and are now in need of additional funding, a top up loan is the answer for you. You may need money to buy a swanky new home theatre system, to renovate your home, or to finance your child’s education. A top up on your home loan allows you to meet these or any other needs you may have, and that too, at attractive interest rates.

Features

• A home loan customer who has been repaying for more than 6 months is eligible to apply for a top up.
• You can get a top up, up to 100% of the original loan amount disbursed*.
• The tenure for the top up can be up to the outstanding tenure on your existing home loan.

Advantages

• Lower Costs – Compared to other alternatives like personal loans, a top up loan gives you a better deal when it comes to interest rates as well as processing fees. So you can leverage on your existing home loan to help you save costs.
• Convenient Repayment – A top up loan allows you to repay over a longer tenure compared to a personal loan, helping you to keep your monthly outflow low.

You also have the option of transferring your existing loan to Standard Chartered Bank and availing a top up loan along with the transfer.

To know more about Standard Chartered Bank’s top up loan facility, call us at our Phone Banking numbers.

* Other restrictions also apply.

1 | 2 | 3 | 4

Frequently Asked Qusetions

1 | 2 | 3 | 4