I have home loan with Deustchpost bank for Rs 1950000/- for last two year with first year as pre-EMI. Now tenure is increased from 20 to 30 years because of Interest rate increase. (seems I am liable for complete lifetime)
Now I came across HSBC smart home loan which HSBC claims as patented product that uses liquid money from HSBC savings account to calculate interest and is beneficial as same amount is reduced from interest and difference in EMI amount is passed in principal amount reduction. Executive explained me that if I take 19lac with constant savings of Rs.25000/- on my account, I can pay the entire amount in just 56EMIs keeping the EMI amount same and will have saving of 27lac on total interest that I would have paid. --- is it true
If I want to transfer my loan from Deustchpost bank, I have to pay exit charges (2% +ST) and entry charges (~1%) this also accounts to a big amount.
Is there any other means that will help me?
