Won’t you feel a happier borrower if the home loan EMI comes down significantly as you are simply necessary to spend the money for interest part of your property mortgage and never the primary? This is just what Important Chartered Bank’s freshly introduced mortgage tool, ‘interest just family loan’, features promised borrowers. “Whether your borrower possess plumped for ‘interest only home loan’, this new borrower need to pay only month-to-month focus inside the attract only months,” states the item dysfunction web page of your Standard Chartered Bank’s webpages.

Now, one which just log in to brand new bank’s web site to sign up for this financing, perform observe that there is certainly a catch

The home amount borrowed that borrowers could possibly get significantly less than that it design ranges out-of Rs thirty five lakh in order to Rs 3.5 crore. The maximum tenure of the property financing that is certainly taken by the an excellent salaried person is three decades when you are having a home functioning debtor it is 25 years.