Buying a house is exciting and life-changing. What’s not as much fun is saving for the deposit. But the more money you put down upfront, the less you’ll have to borrow. There are many ways to save for a home. With a good savings plan and some discipline, you’ll soon have the deposit for your home. The first step in saving for a house deposit is to set a savings goal.
Features & Benefits:
- A person having a sound mind can open the scheme singly or jointly or in the name of institution.
- Home Planning Deposit Scheme is a deposit product where you can make an initial deposit at the beginning along with fixed monthly installment deposits.
- The account holder can avail credit facility up to maximum 90{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} of the deposit amount against lien on the balance amount of the respective account at 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} higher than the deposit scheme rate after completion of 1(One) year.
- Premature encashment may be allowed only after expiry of minimum 3 (three) months. In such cases, interest will be calculated at least 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} less than the prescribed rate, which will be applicable for the period completed.
- The interest is payable subject to deduction of excise duty, withholding tax etc. as imposed by the government from time to time.
