Home Saver Loan from Standard Chartered Bank

POSTED BY Mohit Pandey ON July 4, 2013 5:03 pm COMMENTS (2)

Hello Friends,

I am planning to shift my home loan from LIC to SC since LIC is not reducing the interest rate. I have asked LIC to reduce the interest rate but they declined. 

SC is offering me Home Saver with 10.25% interest rate.

Please help me whether I should go for SC Home Saver or I should go for any other bank (don’t want SBI since they are not responding from last 6 months).

Please share your experience with SC Home Loan if someone already taken loan from SC.

 

Thanks & Regards

-Mohit

2 replies on this article “Home Saver Loan from Standard Chartered Bank”

  1. Mohit Pandey says:

    Hello Credexpert,

    Thanks for the response.

    The balance tenure of LIC home is 18 years (31 lacks outstanding). There is not charges at LIC since my loan was on floating interest and SC is waiving off the processing charges which is 5000/-.

    As per the quotation my home loan tenure will be reduced to 15 years if I opt for same EMI amount.

    Thanks & Regards
    -Mohit

  2. Credexpert says:

    Dear Mr. Pandey,

    Switch to Standard Chartered or any other lending institution only if the difference in the interest rates is at least 1%. Also, what is the balance tenure for your home loan? This would also help evaluate if there is any actual benefit in switching your loan.

    Check for any charges applicable at LIC and Standard Chartered and read the agreement carefully before deciding to switch.

    Regards,
    Credexpert

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