Mumbai, Jul 1: In the times of recession, State Bank of India (SBI) is soon emerging as the shining ray of hope for the Indian buyers. After introducing the SBI Ezee scheme for car loans, SBI is launching two new home loans called SBI Easy and SBI Advantage Home Loans on Jul 1.
Marking its 'Foundation Day' which fall on Jul 1, the public sector bank is introducing the new home loan products with zero processing fees which has been waived off till the Sep 30.
The SBI Easy Home Loan which is applicable for loans up to Rs 30 lakhs will come with an interest rate of 8 pc for the first year and 9 per cent for the second and the third year. After the completion of the third year the customer can choose between a floating rate at 2 pc below the banks advance rate and a fixed rate of 1 pc below the advance rate with a five years re-set.
The indictive EMI for this scheme would be Rs 836 and for the next two years Rs 898 for a loan tenor of 20 years.
The second loan product is called the SBI Advantage Home Loan. This fall under the premium section, for loans above Rs 30 lakhs. The interest rate charged on daily reducing balances is at 8 pc for the first year and 9.5 pc for second and third years. From fourth year onwards customer can choose between a floating rate at 1 pc below SBI"s advance rate and a fixed rate of 0.5 pc below the advance rate with a five year re-set.
In this scheme, the indicative EMI for the first year would be Rs 836 and for the next two years Rs 929 for a loan tenor of 20 years.