HSBC launches MyHome home loan scheme

8 February 2006
MUMBAI, INDIA

BY OUR CORRESPONDENT

HSBC MyHome is a flexible EMI product for Indian home buyers.

HSBC has announced a new housing loan product that allows customers to have greater control over their equated monthly installment (EMI) payments. The product, called MyHOME, allows customers to increase or
decrease their EMIS by up to 15 per cent.

HSBC MyHome is open to all resident and non-resident Indians in India and abroad, and available at all of HSBC's 41 branches across 21 cities. MyHome loans start from Rs. 200,000 and can reach a maximum of Rs 1.5 crore. Home loan customers can avail of the EMI flexibility option after a year and up to 24 years (if the loan is for 25 years). Another option in HSBC MyHome is increasing and decreasing the EMI can be revised during the annual review of the account.

Commenting on the benefits of the product, Sangeeta Pendurkar, chief marketing officer, HSBC India, said, "The starting point for the development of MyHOME was an attempt to understand the home loan needs of consumers and then identifying a product that best suited their requirements. Consumers feel that once they have taken a home loan their freedom to live their life the way they want is compromised. MyHOME allows the customer to change their EMI annually and fight the rigidity of fixed EMIs. MyHOME from HSBC adjusts to the customer's life instead of him adjusting to it."

Additionally, potential Indian house buyers who use the MyHome loan product will automatically have access to HSBC's PowerVantage account which offers several benefits including free access to over 15,000 HSBC and non-HSBC Visa ATMs in India, assistance to plan future investments and insurance requirements, as well as a free HSBC Gold credit card for the first year.