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Smart home loans anyone ?

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Smart home loans anyone ?

Last updated: April 18 2013
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  • Smart home loans anyone ?

    Hello

    I just heard that Citibank has introduced some sort of smart home loan which allows one to offset his savings account balance with loan amount so that loan interest is charged on reduced balance.

    So for example , if one has say home loan of 40 lakhs from Citibank and an associated deposit account with balance of 10lakh so the customer would be charged loan interest on 40-10 = 30 lakh.

    This not only has the benefit of reduced EMI but also availability of liquid cash for any contingency in your savings account.

    Has any one heard of this ?
  • #2

    #2

    Re : Smart home loans anyone ?

    Originally posted by himanshupant View Post
    Hello

    I just heard that Citibank has introduced some sort of smart home loan which allows one to offset his savings account balance with loan amount so that loan interest is charged on reduced balance.

    So for example , if one has say home loan of 40 lakhs from Citibank and an associated deposit account with balance of 10lakh so the customer would be charged loan interest on 40-10 = 30 lakh.

    This not only has the benefit of reduced EMI but also availability of liquid cash for any contingency in your savings account.

    Has any one heard of this ?
    SBI Max Gain Home Loan is exactly the same and is on offer since 2-3 years if I am not wrong. By the way, what interest rates are being offered by Citi bank on Home Loans.

    Comment

    • #3

      #3

      Re : Smart home loans anyone ?

      SBI max gain gives the same advantage, and works on the same principle. What is the rates been charged for this loan by CITY? Is it more than the conventional home loan, as in case of SBI.

      Comment

      • #4

        #4

        Re : Smart home loans anyone ?

        Originally posted by yksharma View Post
        SBI Max Gain Home Loan is exactly the same and is on offer since 2-3 years if I am not wrong. By the way, what interest rates are being offered by Citi bank on Home Loans.

        thanks friend. Is it possible to convert existing Yuva home loan into max gain ?

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        • #5

          #5

          Re : Smart home loans anyone ?

          Originally posted by himanshupant View Post
          thanks friend. Is it possible to convert existing Yuva home loan into max gain ?
          Yuva is similar to Max Gain, it is just that only the interest applied on Home Loan is payable during the first 36 months. The regular EMIs start after completion of 36 months. Rest is same

          Please visit below url for more details:

          https://www.sbi.co.in/?action=viewse...20,115,741,786

          Comment

          • #6

            #6

            Re : Smart home loans anyone ?

            I think there is no current account linked to Yuva acc in which you can deposit surplus funds and save interest of home loan.

            Originally posted by yksharma View Post
            Yuva is similar to Max Gain, it is just that only the interest applied on Home Loan is payable during the first 36 months. The regular EMIs start after completion of 36 months. Rest is same

            Please visit below url for more details:

            https://www.sbi.co.in/?action=viewse...20,115,741,786

            Comment

            • #7

              #7

              Re : Smart home loans anyone ?

              Originally posted by himrathore View Post
              I think there is no current account linked to Yuva acc in which you can deposit surplus funds and save interest of home loan.
              Is it? I have perception that this is similar to Max Gain else there is no special benefit to customers by opting Yuva loan.

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              • #8

                #8

                Re : Smart home loans anyone ?

                Yuva loan is nothing but a regular loan with paying option of "only interest" till 36 months against 18 months of regular loan.

                That is my understanding, might be wrong.

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                • #9

                  #9

                  Re : Smart home loans anyone ?

                  HSBC has a similar kind of scheme too

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                  • #10

                    #10

                    Re : Smart home loans anyone ?

                    Many Private sector banks have this option including City, HSBC and Standard Chartered, just got to know yesterday.

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