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What is home saver loan?

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0 2022-11-08T10:55:13+00:00
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Let me share with you the meaning of super saver home loan. While applying for a home loan you should research properly and choose a loan that can benefit you in the best possible way. You should check the interest rates of every bank thoroughly, the processing fee, eligibility criteria and other benefits. One of the primary benefits you should look for while applying for a home loan is home loan saver. So, what is home saver loan? Let me explain briefly.

  Get home loans at the lowest interest rate here   What is home saver loan?  

Home saver loan allows borrowers to deposit the excess savings in the account linked to the home loan account. This in turn reduces the interest rate and the tenure as well. One other perk about this interest saver home loan is that you can withdraw money during an emergency. The only drawback is you will need to pay a fee of 0.5% to 1 % to avail of this benefit. This type of loan is also known as an offset loan.

 

Home saver loans are known by different names in different banks. MoneySaver, HomeSaver, Maxgain are all home saver loan. Maxgain is a home saver loan popular in SBI.

  How does home save loan work?  

The amount deposited in your account gets debited from the home loan’s outstanding principal. You would not be paying any interest on this amount that's why this method is very beneficial. The basic idea is to use the deposit amount to pay off the principal amount which in turn brings the interest down. So, you will be prepaying an amount without prepaying any penalties. 

 

This was all about super saver home loan. I hope you find this helpful.

 

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