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17-02-10
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#1 |
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New Member
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ICICI Money Saver Home Loan
Hi,
Does it make sense to continue with this type of housing loan ( where interest is not applied to any amount parked in a specially created current account ) or shift to a more traditional housing loan ? 
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07-03-10
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#2 |
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I have done some calculations.
If you have lot of liquid cash going in and out - business rotation of funds etc this makes sense. However there are two major setbacks to these types of loan. 1. Its tough to preclose the loan - They have a clause not to do that. 2. The interest would accrue only for the principal outstanding of the loan. 2nd year: If you have principal outstanding of 20L and you have 25L in the current account, the interest would be calculated only for 20L 12th year If you have principal outstanding of 10L and you have 25L in the current account, the interest would be calculated only for 10L Hope this helps I am contrasting this with SCB Homesaver loan. Some minor details in ICICI may vary. Cheers praks |
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| home, icici, loan, money, saver |
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