What is home credit or home saver or maxgain facility? How does it help? - myloancare

Posted by Myloancare 1039 days ago Category News
https://www.myloancare.in — A facility that allows you to enjoy overdraft facility with home loan
Home credit (also called home saver or maxgain) is a facility under which a bank account is linked to a borrower’s home loan account. The borrower can deposit surplus money in this bank account and the interest on home loan is payable on the daily net difference between the home loan outstanding and the balance in the bank account. The borrower can withdraw the surplus money in the bank account at any time using a cheque or ECS. Similarly, the borrower can re-deposit any surplus in the bank account at any time.
Thus, the borrower is able to reduce interest outgo on home loan and keep liquidity at all times.
Some of the banks offering home credit facility are SBI, IDBI Bank, Citibank, HSBC and Standard Chartered Bank (SCB). The facility is subject to terms and conditions of each bank as applicable from time to time.

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