HSBC has made rapid strides in the home loan
segment. HSBC provides loans for ready property, under
construction property, self-construction and home improvement.
HSBC home loans range from Rs. 5 lakhs to Rs. 3 crore and the
maximum repayment period can go upto 25 years.
Flexible repayment options of HSBC allow home loan borrowers to
choose between fixed and floating rate home loans. They also have
the option of switching from a floating rate home loan to a fixed
rate home loan once a year at no extra cost. Once the home loan is
approved, customers get a Gold Credit card, free for the first
year with annual charges being waived.
HSBC's MyHome is a unique home loan product that lets the borrower
control the EMIs on an annual basis. Every year, depending on the
customer's financial needs, he can decide to pay an EMI that is
either 15% higher or lower than the regular EMI.
HSBC's Smart Home is a savings-linked home loan product that
requires the customer to open a current account with HSBC. The EMI
varies from month to month depending on the balance maintained in
the account and the bank claims that the customer can save up to
50 per cent on interest expenses of the loan.