The Home Loan sanctioned will be linked with Saving Bank Account.
The rate of interest applicable on this SB account will be Zero.
Under the scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
Any credit available in the linked SB a/c at the end of the day will be counted for credit in linked Home Loan account. Consequently, the borrower will get the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.
The borrower will remit the Equated Monthly Installments (EMIs) into the linked SB account.
Recovery of EMI will be made by way of auto recovery from linked SB account only.
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