I bought a home as a Resident Indian with a "'Home Saver" loan from Stan Chart. I am now an NRI. I have a few questions about what to do with my loan now:
1. Am I required to close out my existing loan and convert to a new NRI home loan? There is a 2.5% pre-payment penalty though.
2. The "Home Saver" loan has a current acct attached to the loan acct. If I deposit money in this acct, I am only charged interest for "Home loan balance minus Current account balance" instead of the normal "Home loan balance". Is there a similar option for NRI home loans?