What is Home Saver Loan and how does it work?

Home Saver Loan (Mortgage One Account - MOA) is a variant of Home Loan and it allows: The borrower to deposit his excess savings in an overdraft account linked to his home loan account. The customer gets the benefit of interest savings on the interest on the amount that is kept deposited in the MOA account. The bank deducts the balance in the overdraft from the borrower's outstanding principal based on the ‘balance band’ as applicable. The customers can reduce the quantum of interest paid and as a result reduce the tenure of their loan, helping in quicker amortization (repayment) of the loan liability.

Home Saver : Pay Home Loan in Less Time

Home Saver Processing Fees & Charges

Processing fees

Up to 1% of the sanctioned amount.

Part pre-payment fees

NIL part pre-payment charges on floating rate loans to individuals.
For other* categories of loans:
Home Saver
• NIL for part pre-payments less than 25% of the principal outstanding in a calendar year.
• For part pre-payments greater than 25% of principal outstanding in a calendar year – 2.5% of the entire amount being paid.Loan against property
• NIL for part pre-payments less than 25% of the principal outstanding in a calendar year
• For part pre-payments greater than 25% of principal outstanding** in a calendar year – 4% of the entire amount being paid
*Includes fixed / semi-fixed rate loans, and loans to non-individuals also.
**Here principal outstanding refers to the principal outstanding at the time of closure, as well as the amount part pre-paid in the same calendar year which has not been charged.

Pre-closure fees

NIL foreclosure fees on floating rate loans to individuals.
For other* categories of loans:
Home Saver
• 2.5% of the principal outstanding.Loan against property• 4% of the principal outstanding**
*Includes fixed / semi-fixed rate loans, and loans to non-individuals also.
**Here principal outstanding refers to the principal outstanding at the time of closure, as well as the amount part.

Click here for more details on all other applicable fees and charges.

Eligibility & Documents for Home Saver Loan

Documents for salaried Documents pertaining to property

• Photo identity
• Proof of residence
• Proof of age
Financial documents required (self-attested)
• Salaried individuals –
3 months salary slip (If variable components present in salary structure)
Latest 2 year Form-16
Bank statements for the last 6 months
• Self-employed individuals / professionals –
Latest 2 years IT returns and computation of income (firm and individuals)
Latest 2 years P&L statements, balance sheets (along with all the schedules) and capital account statements, certified by a C.A
Latest 2 years audit reports
• [For self employed : Turnover > 1,00,00,000; For self employed proffesionals : Gross receipts > 25,00,000 ] and bank statements of the primary bank account for latest 6 months.
• For partnership firms: partnership deed is required.
• For private limited firms:
Shareholding pattern or memorandum and articles of association, attested by a C.A.
List of directors.

Property paper copies ( first and last page to be self attested )

• Existing home loan facility details
• Sanction letter
• Original list of documents
• Latest outstanding of the loan sought to be bought over.
Note: Original list of documents and latest outstanding of the loan sought to be bought over can be provided prior to disbursal
• Other existing loans declaration.
The above list of documents is an indicative list and is acceptable based on Standard Chartered Bank’s existing policy, as applicable at the time of loan application. For more details you can speak to your relationship manager (RM) or visit the nearest branch

FAQs

Home Saver Loan (Mortgage One Account – MOA) is a variant of Home Loan and it allows:

The borrower to deposit his excess savings in an overdraft account linked to his home loan account.
The customer gets the benefit of interest savings on the interest on the amount that is kept deposited in the MOA account.
The bank deducts the balance in the overdraft from the borrower’s outstanding principal based on the ‘balance band’ as applicable.
The customers can reduce the quantum of interest paid and as a result reduce the tenure of their loan, helping in quicker amortization (repayment) of the loan liability.

Applying for home saver is super easy. You can apply for a Home Saver loan , by showing your interest on the type of loan as Home saver in the application form

All resident Indians can avail Home Saver loans.

Yes, you can transfer your existing loan under the Home Saver loan scheme.

Yes, you can avail Topup loans under Home Saver scheme.

The minimum loan amount is 10 Lakhs and maximum loan amount of upto 35 crore.