SBI extends home loan campaign

Mumbai, Nov 6 : Bringing cheer to home loan seekers, the State Bank of India today announced extension of its My Home Campaign offering lower interest rates till March 31, 2009.

Three popular products which are offered under the banner of 'My Home Campaign' were launched in August for a limited period of three years. However, due to the success of the schemes in reviving interest in residential real estate sector, the Bank today announced extension of the scheme till the financial year end.

Under the schemes, loans upto Rs five lakh with a maximum tenor of 10 years, SBI Hi-Five Home Loan, carried a fixed rate of 8 per cent for 5 years. For loans above Rs 5 lakh and upto Rs 50 lacs, SBI Easy Home Loan, carries fixed interest rate of eight per cent per annum during first year and 8.5 per cent per annum (fixed) during second and third year of the loan. SBI MaxGain-Home Loan as Overdraft with possibility of saving interest, immensely popular among the salaried class, may also be availed under SBI Easy Home Loan.

Customers looking for high end properties can take SBI Advantage Home Loan which carries fixed interest rate of eight per cent during first year and nine per cent during second and third year.

SBI Home Loan customers, thus, can be certain about their loan repayment obligations at low interest rates for 3 to 5 years. Option of fixed rate with a reset frequency of five years or floating interest rate linked to State Bank Advance Rate for the remaining loan term is available to the customers under these schemes, the bank said in a release here.

--UNI

(c) 2009 Published with permission from United News of India.
Unauthorised publication of any content from NewKerala.Com is prohibited