Beware of SCB Home saver loan. If you do have loan account, Please do close it. These guys in the name of interest savings cheat you like anything.
1) First they will encourage you to put all your hard earned money into the account so that outstanding balance will be less. But in the process they enjoy with your money. You dont earn any interest, but save interest. But they keep track of all the interest you save and you cannt withdraw them. In case you withdraw they will increase your outstanding balance.
2) Initially at the point of availing loan they will tell that ’’one can close the account within 3 years or 1% penalty’’ but after availing the loan within 3 months they will increase your preclosure period(5 years) and penalty(2.5%).
3) Customer service is horrible, you call up SCB customer support twice and ask the same question to 2 different customer service executive..I bet you you will hear 2 different replies.
Bottom line is SCB homesaver is predatory and it will eat away all your savings. If you don’t want to pay high interest, pay off first..don’t put your money against your loan..you will regret.