Standard Chartered Bank: If you are planning to take your home, then you will definitely like this plan of Standard Chartered Bank.
Standard Chartered Bank: If you are planning to take your home, then you will definitely like this plan of Standard Chartered Bank. For the purpose of providing home loan to its existing customers, the bank has announced the introduction of Interest Only Home Loan facility.
Will not have to pay principal amount
The bank was told that this facility would be available only on the completed residential property. Under this scheme, the customer will pay interest on the principal outstanding during the tenure of the loan.
This scheme has been named ‘Interest Only Period’. The customer will have to pay only interest till the stipulated time frame. During this period, no principal amount will be deducted from the loan amount.
This way you will get benefit
In the scheme launched by Standard Chartered Bank, customers can pay the interest on the home loan every month for the first 1 to 3 3 months. This amount of interest will have to be paid on every month basis.
After the end of the time fixed by the customer and the bank, this loan will be converted into a normal home loan. After this the customer will have to pay his EMI. Customers can start EMI even before the stipulated time.
