Mumbai, Aug 10: For those who are planning to buy a new home in the upcoming festival season, State Bank of India (SBI) has introduced a new home loan campaign called SBI My Home Campaign offering loans at attractive interest rates and zero processing fee.
The three-month-long campaign commenced on Saturday, Aug 8. Under the campaign, SBI will be showcasing several home loan schemes such as SBI Hi-Five and SBI Easy home loans.
Through the SBI HI-Five loan, the customer could borrow up to Rs 5 lakh at 8 per cent interest (fixed) for five years. After this, the customer has an option to choose between floating rate of 2.75 per cent below the State Bank Advance Rate (SBAR) or a fixed rate of 1.25 per cent below SBAR for a further loan term of five years.
SBI Easy home loan who prove beneficial to those who need loans up to Rs 50 lakh. In this scheme, interest is fixed at 8 per cent during the first year and 8.5 per cent per annum during the second and third year.
After the completion of three years, the customer can choose between a floating rate at 2.75 pc below SBAR or a fixed rate at 1.25 pc below SBAR.