Published & Updated as on - 2010-02-22
HSBC is now offering its customers the freedom of
raising finance against their self-occupied residential properties, along with
the flexibility of paying interest only on the net outstanding loan principal.
Borrowers can effectively
manage their finances through Smart Loan Against Property (Smart LAP) product
that enables them to reduce interest payments on their loan and offers a speedy
way to repay their mortgage. The excess amount that the customer maintains in
the Smart LAP account is adjusted against the principal loan amount, thereby
leading to a reduction in the interest paid (for the period the excess amount
is maintained).
Commenting
on the launch, Rajnish Bahl, head (personal financial services) of HSBC India,
said, "HSBC has always been a pioneer in providing innovative,
customer-friendly products and services. SmartLAP is the Loan Against Property
version of our innovative home loan product SmartHome. In SmartLAP, the more a
customer saves, lesser is the interest payment on the loan."
SmartLAP is available to
all resident Indians as well as NRI customers. Customers can save up to 50% of
interest payments by maintaining an excess amount over and above the EMI.
Customers also get the benefit of HSBC Debit Card, financial planning services
and a host of other banking benefits.
Source:
Financial Express 15/2/10
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