The Home saver product by Stanchart is completely misleading. You are paying higher interest rate and you are not gaining anything from the amount paid surplus to your EMI.
Lets say you are keeping a surplus of average 100,000/- Rs. over and above the requisite EMIs. Ideally this amount shall be deducted from the outstanding loan amount and interest shall be calculated on the balance amount but Stanchart is not giving any adavantage of this advance payment to its customer.
Practically, the extra amount paid by you will not fetch any benefit to you either in the terms of EMI reduction or tenure reduction. Therefore, DO NOT GO FOR SUCH MISLEADING PRODUCT.
