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Smart Home
Save with Smart Home
At HSBC, we understand that buying a home is a long-term financial commitment. Smart Home is a simple way to use your savings smartly, by letting you decide how much interest to pay. Repay your loan sooner. Smart Home offers competitive home loan interest rates and more.
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Smart Home Features & Benefits
Save up to 50% on interest payments
With every Smart Home, you get a current account. All you need to do is put your usual savings, from other accounts, into the Smart Home Account. Depending on the savings you put into the Smart Home Account, you can reduce the quantum of interest paid by up to 50%.
Here's how Smart Home works to save you money
Your home loan interest is calculated, on the principal outstanding minus the savings deposited in your Smart Home Account every month, over and above your EMI. Calculate your savings:
The example below shows how the reduction in interest amount payable by depositing an additional amount of Rs. 15000 in your Smart Home account over and above your EMI over 20 years.
| Loan Details | Normal Home | Smart Home |
| Loan Amount (Rs.) | 5,000,000 | 5,000,000 |
| Interest Rate (p.a.)* | 11.00% | 11.50% |
| Original Loan Tenure | 20 Years | 20 years |
| EMI (Rs.) | 51,609 | 54,083 |
| Actual EMI's Paid | 240 | 126 |
| Total Interest (Rs.) | 7,386,261 | 3,686,716 |
| Savings in Interest (Rs.) | 3,699,544 (50%) | |
* Interest rates are merely indicative which can change from time to time depending on market conditions.
See for yourself the reduction in interest amount payable by depositing an additional amount of Rs.15000 in your Smart Home account over and above your EMI over 20 years. The interest rate on your floating rate loan, if disbursed on /after July 01, 2010 is linked to HSBC's Base Rate. Any revision in the Base Rate would impact your interest rate. The Base Rate is 9.75% effective from August 02, 2011. The interest rate on your floating rate loan if disbursed prior to July 01, 2010 is linked to HSBC's Retail Lending Rate (RLR) and any revision in the RLR would impact your interest rate. The RLR is 17.00% effective from August 02, 2011. For further details on the Base Rate and it's impact on your floating rate loan, please refer to the FAQs.
Tax benefits
Smart Home customers are eligible for certain tax benefits on principal and interest components of a housing loan under the Income Tax Act, 1961*.
* Please consult your tax advisor/C.A. for specific details.
Exclusive Smart Home banking privileges for you
- You can even use the Smart Home Account as your main bank account for depositing and withdrawing money
- Along with your Smart Home, get access to an HSBC Advance* Account, with the following benefits:
Free access to 23,500 VISA ATMs across India, with your HSBC Advance Platinum Debit Card+
Free cheque payable at par facility
Dedicated service desks and counters at HSBC branches in India
Financial planning services to help you plan your financial goals
* For a Mortgage relationship where loan amount is Rs. 15 lakh or more with HSBC India.
+ The usage of the card is governed by applicable terms and conditions.
All loans at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India.
Loans available for applicant and properties in and around the city limits of Mumbai, Pune, New Delhi(NCR), Bengaluru, Chennai, Ahmedabad, Chandigarh and Jaipur and are subject to change from time to time.
Please be advised that vide Notification No. 8/2009 - ST dated February 24, 2009, a service tax of 10% + 2% education cess + 1% secondary and higher secondary education cess thereon will be applicable on our fees and charges. Please click here for Service Tax details.
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