Loan with savings a/c
State Bank of India markets this product as Maxgain, ICICI calls it Money Saver and Standard Chartered has branded it Home Saver.
This home loan product is meant for borrowers who have cash but need liquidity.
When you take a home loan from any of these institutions, you are required to open a savings account with them.
The money kept in the account is considered as the principal. Banks deduct the balance in the savings account from the principal and charge interest on the remaining amount.
Also read: Settle it over pillow-fight: Time tells Ambani brothers
Powered by 
| Live updates on money.rediff.com |
|
Advertisement
