The country’s largest lender State Bank of India on Friday decided to extend its 8 per cent home loan scheme till March 31, 2010.The decision of the bank would help small home loan receivers.State Bank of India decided to extend its 8 per cent home loan scheme just a day before it was due to expire.
SBI, which offer the special plan under `My Home Campaign` is providing 8 per cent fixed rate of interest for five years for loans amounting Rs 5 lakh, having an upper limit of 10 years. Apart from latest development, SBI is also providing SBI Max Gain, under which it provides home loan as overdraft with saving interest option. Moreover, SBI is also providing SBI Advantage Home Loan carrying a fixed rate of interest of 8% in the initial year and 9% during second and third years.
In the past few days banks like Axis Bank came out with a special 8 per cent scheme for the first year and Bank of Rajasthan too dropped home loan rates to 7.5 per cent w.e.f. from November 9 and Punjab National Bank extended its 8.5 per cent scheme till December 31. SBI’s aggression may also force bigger private sector players to re-look at their strategy.
Links to Refer:
www.commonfloor.com/articles/category/property-buying/home-loan
Tags: Bangalore, Home Loans, loans, property buying, real estate, SBI, SBI Home Loan, special plan, state bank of india
