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Interest Saver Option

This is a preferred product by a good number of home loan seekers. The nomenclature differs across banks. SBI calls it Maxgain, in IDFC Bank it’s Short & Sweet

The underlying principle: Funds parked in Savings/RD account with yields of 3% to 6% pre tax can be parked in your home loan account charged @ 8.5 to 9%. The difference is your profit. Example

Your Gain: Difference of 4.5 %(8.5 - 4) on 3 lakhs for 6 months. Home loan interest @ 8.5% will now be charged on 27 lakhs & not on 30 lakhs

Savings are assured, tax free & you retain liquidity at any given time

Some banks offer this product only after possession of the property