Financial Daily from THE HINDU group of publications
Tuesday, Jan 31, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 31, 2006 |
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Money & Banking
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Housing Finance Marketing - New Products & Services HSBC offers home loan with flexible EMI Our Bureau
Mumbai , Jan 30 HSBC has launched a home loan product with flexible equated monthly instalment (EMI) payments. Depending on cash flow, borrowers can either increase or decrease their EMIs up to 15 per cent once a year and every year during their loan period. Called `My Home', it is aimed at the below-30 age group, said Ms Sangeeta Pendurkar, Chief Marketing Officer. "It is for the younger audience because the age of those who want home loans is coming down. We hope this will help us grow our market share," she added. HSBC's share in home loans as of 2004-05 was four per cent, based on absolute figures. The plan allows customers to increase or decrease their EMIs. (Many banks allow customers to increase their EMIs but not decrease them.) The option of paying higher or lower EMIs can be revised at the time of the annual review of the account. The interest rate is on par with `Smart Home', which has a floating interest rate of 8.5-8.75 per cent. Existing customers can also avail the facility by paying two per cent of the balance outstanding as conversion fee. HSBC's home loan category has grown over 50 per cent in 2004-05.
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