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SBI unveils cheaper home loans for beneficiaries

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  4 Aug 2016 12:00 AM GMT

GUWAHATI, Aug 3: SBI has launched cheaper home loan schemes for defence and other government employees with installment tenure extending up to 75 years of age. It will offer two new home loan products ‘SBI Privilege Home Loan’ for government employees and ‘SBI Shaurya Home Loan’ for defence personnel without any processing fee.

“Under the new schemes, employees of central/state governments, defense forces, public sector banks, public sector enterprises of central government and other individuals with pensioble service will be offered home loans tailored to their specific needs,” State Bank of India (SBI) said in a statement. The bank said the tailor-made products will help customers purchase a spacious or luxurious home without stretching their post-retirement finces.

The new product includes extending the repayment term till the borrower turns 75 years from the existing 70 years, and also a full waiver of processing fees, it said. There will be a lower EMI burden post retirement and 0.05 per cent concession over the home loan interest. “Benefit of lower interest rate as a concession of 5 bps (0.05 per cent) over the home loan card interest rate is available wherever check-off facility is extended by the government under tie-up arrangement with the bank,” SBI said. This was stated in a press release.

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