Hi All,
I have come across some new kind of home loan schemes offerred by HSBC and Standard Chartered. In this, they create a new current account linked with the Home loan principal.
Interest is charged only on the amount net of principal and current account balance. This is calculated on daily reducing basis. Interest is 0.5% higher than the plans which don’t offer this feature.
Has anybody availed loan under such scheme ? What are the pros & cons ?
Regards,