New Happy Home Loan is scheme for Home Loan by State Bank of India. Disbursement of home loan under this scheme has grown at Rs 1500 crore a month. Since the scheme was announced bank had monthly disbursement of Rs 1100 crore in first two month and current growth is Rs 400 crore more than earlier.
Till March Bank had sanctioned Rs 2,348 crore. Subsequently bank is sanctioning Rs 1500 crore every month under “New Happy Home Loan” scheme. SBI had announced 8 per cent home loan for first one year in the first week of February. In second year rate will be applicable with prevailing rate.
The rate was lowest so far in the industry and the bank’s move was to stimulate demand for home loan when home buyers postpone their purchasing decisions and economic uncertainty. The scheme has been extended till September.
SBI claims to have highest growth in last fiscal in its home loan portfolio. In the same period bank market grew to 19.74 per cent from earlier market of 17.48 percent. There was 21 per cent increase last fiscal of Rs 54,063 from Rs 44, 626 in previous fiscal. Bank offers various other schemes which will be valid till the month end. One of the schemes is 9.25 per cent fixed interest for five years on home loans between Rs 5 lakh and 20 lakh. Interest rate will be reset every five years from the date of disbursement of first installment. The rate was 8.5 per cent fixed for every five years on home loans less than Rs 5 lakhs and rate will be reset every five years from the date of disbursement of first installment.
Links to refer:
- SBI-Home loan interest rate
- Happy Home scheme: SBI loans Rs 1500 cr a month
- SBI increases disbursement of home loans to Rs 1500cr a month
Tags: Apartment, Bangalore, Home Loans, Housing, Housing India, indian real estate, market trend, property, Real Estate India
