Interest only home loan: Check benefits, eligibility

Standard Chartered bank says an interest-only home loan helps in lowering monthly repayments for up to 36 months, thus helping in boosting cash savings.

Standard Chartered bank is offering an "interest-only home loan" for its customers. The bank says its interest-only home loan will boost cash savings and offer flexible repayment option.

The interest-only period will be up to 36 months, during which you will only have to pay interest.

Full EMI consisting of the principal and interest will be payable after completion of the interest-only period.

This, the bank says, will lower your monthly outflow initially.

Standard Chartered bank says an interest-only home loan helps in lowering monthly repayments for up to 36 months, thus helping in boosting cash savings.

More savings means more cash in hand, which can be utilized for home improvement, renovations, personal needs and more, the bank says.

Even though there is an interest-only period, customers will get the option to commence your EMI - principal and interest - earlier.