Benefits of Home Loan Interest Savings Accounts
With the Reserve Bank of India raising the repo rate by 90 basis points in just over a month, monthly equivalent payments (EMI) on loans are expected to rise. If you’re considering taking out a home loan, however, there may be some relief at hand. You may consider opting for what is called a Home Loan Interest Savings Account or a Smart Loan. Lenders have different names for this product, for example, it is called Money Saver Home Loan at ICICI Bank, MaxGain Home Loan at SBI and Home Saver at Standard Chartered Bank. The Interest Savings Account may not work for all home loan borrowers, however.